The hero's journey has many parts and elements that when utilized as a plotting formula can create a varied set of story lines. Elements of the hero's journey can be find in most any story.
How I Plan to Apply It:
I currently don't have a "formula" that I follow for plotting. But by attending many sessions on plotting I am starting to develop my personal method for plotting. It will probably never follow a formula - but I feel that some day I will be able to quantify my method and apply to all my work.