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Project scheduling is just as important as cost budgeting as it determines the timeline, resources needed, and reality of the delivery of the project. Project managers that have experience are better able to properly dictate the tasks, effort and money required to complete a project.
A plan tells you what needs to be done to achieve project goals; a schedule tells you when each of the resources are going to be needed and for how long.
The main difference between them is that project plans are created from a high-level view and address every aspect of project management. On the other hand, work plans focus on helping project teams achieve smaller objectives.
The project life cycle includes five phases: initiation, planning, execution, monitoring and control, and closure.
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