Set the insulation board on a stable, flat surface, such as a concrete slab or a pair of sawhorses. Lay out vertical and horizontal cut lines across the insulation board with a tape measure and pencil.
Extend a utility knife's blade and draw the blade through the cut lines. Alternatively, lay a straightedge across the cut lines and drag a putty knife along the straightedge's side and through the cut lines. If your cuts don't go completely through the sheet, snap the sheet along the scored lines.
Hoist the insulation board against the stud wall. Align the board's long dimension in a vertical position. Position the edges of the board roughly halfway over studs; you must leave space for fastening adjacent boards. While holding the board in position, drive plastic cap nails every 12 inches around the board's perimeter. Alternatively, use a power drill to drive screws with washers every 12 inches around the board's perimeter.
Drive fasteners into the studs that run through the board's center, called the "field," roughly every 16 inches. Butt adjacent boards against previously installed boards, working from corner to corner to cover the wall.