Choose a short story you are familiar with, or find a new story and read it several times to become familiar with the text. It will often take several readings to glean all of the essential information you will need to give proper analysis to a short story. Many writers are so good at using literary devices that finding them and identifying their purpose can be difficult.
Make notes as you read. Look for figurative language in the story. This include similes, where the author compares one thing to another, and metaphors, where the author writes about or references a subject by writing about something completely different. An example is writing about the changing seasons when the author is really writing about the stages of a human life. What does the author hope to accomplish by doing this?
Analyze tone and voice. Tone is the overall feeling, or mood, of the story. Voice is about who's telling the story, or whose point of view is most prominent. Make notes about these factors and why you believe the story benefits or suffers from the author's presentation choices.
Look at the descriptive words the author chooses. Consider the verbs he uses. Write down how you feel his choice in words affect the story. Take into account the overall balance. Was there too much description, or was it all necessary to set the proper tone of the story? Make notes about the characters and whether you feel the author did a good job bringing them to life. Write about the lessons learned from reading the story, if any, and if you feel the author satisfied the story's purpose.