Tell me about a time when incorrect standards distort margin and management decisions. What did you do?

I first confirmed the facts and contained the immediate impact. Next, I reviewed the BOM, routing, rate, standard cost roll-up, and actual result and coordinated the action to review material, labor, overhead, routing, scrap, and standard cost assumptions. After verifying the result, I summarized the root cause, preventive control, owner, and follow-up plan so the issue would not recur.