Stephen D. Mathewson, (The Art of Preaching Old Testament Narrative, p25f) writes:

Some evangelicals preach through an Old Testament narrative text by using the “captioned survey” form. Basically, this sermon develops through the points of an analytical outline. Usually, the preacher will state these points clearly so the listeners leave the sermon with an outline in their minds or at least on paper. For example, the sermon I preached several years ago on 1 Samuel 7 chewed its way through the following outline:

1. 1. The Repentance of God’s People (7:2–6)

      1. The determination to seek the Lord (v. 2)

      2. The decree to put away idols (vv. 3–4)

      3. The decision to offer confession (vv. 5–6)

   2. The Victory of God’s People (7:7–11)

      1. The Philistine advance toward Israel was frightening (v. 7)

      2. The Israelite cry to the Lord was compelling (vv. 8–9)

      3. The Divine thunder against the Philistines was overwhelming (vv. 10–11)

   3. The Resulting Prosperity of God’s People (7:12–17)

      1. God was worshiped (v. 12)

      2. The enemy was subdued (v. 13a)

      3. The land was at peace (vv. 13b–17)

The recipe for such a sermon is simple: (1) divide text into units; (2) summarize each unit; (3) mash the summary into an analytical outline; (4) season the points of this analytical outline with parallelism; (5) sprinkle the points with alliteration; and (6) serve for 30–45 minutes on a fill-in-the-blank outline sheet in the bulletin…

The problem is, good storytellers do not convey their stories through analytical outlines. Veteran expositor Warren Wiersbe reminds preachers that a sermon must present biblical truth “in a manner that is reasonable, imaginative, and intrinsic to the text.”  He adds, “To preach biblically means much more than to preach the truth of the Bible accurately. It also means to present that truth the way the biblical writers and speakers presented it.”  When Stephen preached a Bible story in Acts 7, he did not organize his material in an analytical outline. This does not mean that an analytical outline sermon is categorically unbiblical. But it does suggest that an expositor is not bound to this type of sermon form even though it remains popular today in evangelical circles. The analytical outline approach presses the story into a mold that often works against it, especially when the outline points are alliterated or parallel.

I might put it like this: the proposed outline is merely descriptive.  It may be exegetically accurate, but it, homiletically, it leads nowhere.

Could I do any better?  That’s not for me to say.  But I do think it’s possible for a sermon to be truly expository and for the outline to be ‘application-led’ (i.e. determined and shaped not by the exegetical idea of the passage but by the homiletical idea drawn from the passage).

I have a ‘modest'(!) example here (not, admittedly, based on a narrative passage):

Psalm 24 – Key homiletical idea: Are you a confident Christian?

Homiletical outline:

1. Confident in our mission, vv1-2

2. Confident in our access to God, vv3-6

3. Confident in our final destiny, vv7-10