just looked up "craft analysis". We used to call it something else, but it sounds like you need to pick an element of the piece and analyze how the writer uses technique to craft the story. The important part is to find the element you want to discuss and then carry through with examples in each paragraph. I read a definition of the craft paper here and the writer was using Tim O'Brien's novel as an example it seems. Actually, Bill Meisner is a friend of Tim O'Brien's and writing teacher and novelist. I reviewed on of his stories on amazon, but discussed several elements. If I were doing your paper, I would take the following paragraph regarding Meisner's use of metaphor and use it as an introduction. Then I would cite examples of separate metaphors to support my thesis that Meisner uses these to create visual impressionistic portraits of his characters. Here's a paragraph of what I wrote:
"As surely as Monet creates masterpieces of images on canvas, William Meissner in "The Road to Cosmos" creates individual portraits of characters whose truths stay with you long after you've walked away from the viewing. Meissner dabs the page with stunning metaphorical phrases that create impressions of light to reveal his characters' nobility and impressions of shadows to reveal their flaws. And you recognize the portraits as you gaze at each picture in the gallery."
Then I would go back within the novel and for each character, find the metaphors that support my thesis.
But all this might be WRONG. Be sure to read other hub comments, especially those from English teachers. Be sure to read YOUR syllabus again and again, the answers will be there. Whatever your instructor has emphasized in class and in the syllabus should be your guide. Did your teacher give you examples of craft analysis papers? It's sort of formulaic. As to will this help you be a better creative writer? Surely! Anytime you analyze another writers work and see the tools he or she used it makes you a little more aware of the tools that are in your tool chest. Again, I'm not an English prof and I've interpreted for deaf students years and years ago in Literature Analysis classes, so your instructor is your best guide. Don't be afraid to use office hours, even if it's the day before it's due.