  In this paper we study the "standardized candle method" using a sample of 37
nearby (z<0.06) Type II plateau supernovae having BVRI photometry and optical
spectroscopy. An analytic procedure is implemented to fit light curves, color
curves, and velocity curves. We find that the V-I color toward the end of the
plateau can be used to estimate the host-galaxy reddening with a precision of
0.2 mag. The correlation between plateau luminosity and expansion velocity
previously reported in the literature is recovered. Using this relation and
assuming a standard reddening law (Rv = 3.1), we obtain Hubble diagrams in the
BVI bands with dispersions of ~0.4 mag. Allowing Rv to vary and minimizing the
spread in the Hubble diagrams, we obtain a dispersion range of 0.25-0.30 mag,
which implies that these objects can deliver relative distances with precisions
of 12-14%. The resulting best-fit value of Rv is 1.4 +/- 0.1.
