The secret to editing is to ask questions so obvious as to make you appear slow-witted.
These are the questions to ask when you are doing structural editing or macro-editing. The micro-editing (fact checking, spelling, punctuation, grammar, English usage, house style) is on hold until the big questions have been addressed.
What's it about?
This is the focus question. The story, no matter how many subsidiary points it contains, must have one single, identifiable main point. If you can't state that main point in a single sentence, then there isn't one, and it's time to go back and rethink what the story is.
Where's the point?
This is related to the focus. The story needs to get to the point quickly, without throat-clearing and background baggage, if the reader can be expected to engage further. That means you have two or three sentences to get there. (Think how long you read something before deciding to move on.)
What happened yesterday?
This is the chronology question. Typically, in a news story, the most recent event appears first, with the background filled in subsequently. But it includes the larger point of organization. Is the sequence of events clear? If the story shifts from the past to the present, or back and forth, does it provide transitions to keep the reader oriented?
How do we know this?
This is the source question. How many sources are there in this story? Just one? Uh-oh. More? Who or what are they? Where do they come from? How reliable are they? What do they stand to gain or lose? Are there other sources that should be consulted?
Who benefits?
Chances are good that someone in the story will wind up looking good and someone else will wind up looking less than good. Have both the parties been treated fairly (their positions explained, with an opportunity to respond)? Or is there a thumb on the scales to favor someone?
What do you mean here?
When you come across a sentence so muddy as to defy comprehension, it is time to turn to the writer and say, "I'm not quite clear what you mean here? Can you tell me what you meant to say?" The writer will typically utter a sentence that makes sense, and you say, "Oh, let's just write that."
Who's the reader?
Your source(s) should not be the reader, unless you are just currying favor. Is there specialized information or jargon that must be explained? How much background information is the reader likely to need? What level of sophistication in language (vocabulary, sentence structure) is appropriate?
Why is this a story?
A story is written and published to have a consequence. Does this one have one? If it is about an event, what is the actual or potential consequence? If it is a profile, is the subject significant in some way? If it is meant simply to entertain, is it entertaining?
Have you kept your balance?
As an editor, you are at the intersection of the interests of a number of parties: the writer, the publication, the reader. And there is [cough] your own personal and professional integrity. Have you dealt fairly with all the parties?
Are you sure you want to do this?
Mike Waller, former publisher of The Baltimore Sun, said that this is the most important question an editor can ever raise. This is the question that might spare you a libel suit. This question might spare you publication of a defective story (plagiarized? fabricated?) that will stain your reputation. And it has a secondary question:
Are you really sure?