Knowing how much time a team has to complete a project makes it easier for the project manager to allocate tasks and get things done. Therefore, many project managers rely on project schedules to set timeframe parameters for projects.
Project scheduling looks at which tasks need to be performed for a project and assigns deadlines for their completion. The project scheduler sets these deadlines by calculating how long each task should take to perform. Scheduling requires a comprehensive understanding of which action steps need to get done and when.
Implementation teams use project schedules as charted timelines to stay on track with deadlines. Projects consist of a series of tasks, and each task is given its own deadline. If various departments or teams are working on a project, each group may be given its own schedule to follow for its part of the project.
Master, milestone and detailed schedules are the three most common types of project schedules, according to Bright Hub. Master schedules are general summaries of the overall project, from start to finish. Milestone schedules list all of the project's significant events, and are often presented to senior managers so that they can see the project's progress. Detailed project schedules are the most operational of the three, breaking down all of the activities, tasks and action steps that need completing.
Project managers and investors are interested in project scheduling for budgetary reasons. When money is budgeted for the implementation team, it is important to monitor whether the project will be on time or not. Projects that do not meet deadlines may cost more for resources and staff wages.