Stochastich convenience yield models (e.g. Gibson-Schwartz) can be useful if your goal is to price options. I'm not sure if there is something like a (de-facto) industry standard, options markets are quoted in premium, not volatility points.PCA might have it's uses for either risk management or forecasting purposes, though admittedly I haven't been involved in either for myself.Maybe you'll elicit more responses if you can explain what your goal is (e.g. pricing options, VaR computation, forecasting,...)? Also I remember this question being asked before, did you try the search function?