I have used various methods over the years. Now I start hot for about 15 minutes to seer the meat, then turn the oven down to 275 and cook it low and slow.
I am in the must be pink and bloody is ok by me. I have family members who do not like rare meat, I would not prepare Prime Rib for them. There are lots of other cuts that I can cook for those who like their beef well done.
The standing time is important. The juices will stay in the meat, it also gives time to make the Yorkshire pudding.
I either get the butcher to cut off the bones and tie them back on , or I do that myself. It just makes carving that much easier. I love gnawing on the bones too.