It has been a blessing for me to teach a Biblical interpretation class here at Elnora Bible Institute. The basic method of Bible study that I teach involves three steps: 1) Observation; 2) Interpretation; and 3) Application.
Psalm 119, a lengthy poem written in praise of God’s Word, mentions those three aspects of Bible study.
We must ask for God’s help in observing Scripture: “Open my eyes, that I may behold wondrous things out of your law.” (Psalm 119:18, ESV)
We must ask for God’s help in interpreting Scripture: “Blessed are you, O Lord; teach me your statutes!” (Psalm 119:12, ESV)
We must ask for God’s help in applying Scripture: “Oh that my ways may be steadfast in keeping your statutes!” (Psalm 119:5, ESV)