Extend a tape measure from the ceiling to within 1/2 inch of the floor at the outside corner to determine how long the corner bead must be. Avoid piecing a bead together from several different sections since seams often cause the corner to look wavy or dented.
Cut the vinyl corner bead to the correct size using a pair of tin snips.
Position the bead in place and drive drywall screws through the bead and drywall, and into the wall stud. Use a power screwdriver to drive the screws in place, running them about 8 inches apart on either side of the corner bead. Drive the screws in so they are flush with the corner bead, which will make it easier to apply joint compound later.
Cover the corner bead with joint compound, spreading the material with a 6-inch drywall knife. Feather the compound--apply it more thinly as you work outward--about 6 inches on either side of the corner. The corner bead should be completely covered in joint compound after this step is complete.
Let the first coat of compound dry before applying a second coat, this time with a wider, 10 inch drywall knife. Feather this layer of compound, too, but extend the feathered material about 10 inches away from the corner.
Apply a final, light skim coat of joint compound once the second layer has dried.