In many project organizations, project managers often clash over the meaning of the master schedule. Although they all use similar terminology and project managers often use master schedule interchangeably, not all project management software programs or DPMs (ducers of software products) are the same when it comes to defining and using a master schedule. The meaning of the master schedule is a detailed description of what a team plans to do in a certain period of time, with milestones along the way. The scheduling module of every project includes a master schedule. This master schedule is used to prioritize the tasks that need to be done and complete them within a certain period of time. It also enables project managers to know what is still required to be done, as well as what tasks need to be placed on hold, and how much overall progress has been made.

Master Plan vs. Milestone Schedule. Most project managers create project schedules on paper to learn what work is going to be done in a certain period of time. However, in project management, master schedule, milestone schedule, and overall project schedule are all three types of schedules used in conjunction with each other to manage and track various aspects of a project. The main difference between these types of master schedules is that a master schedule describes the planned phase of a project in the most precise way possible while a milestone schedule gives project teams a starting point from which they can work their way through the project, giving them a snapshot of what needs to be done.

How Are They Different? Each type of master schedule has its own advantages and disadvantages. As discussed above, the master schedule is a detailed description of what a project manager wants to accomplish and a guide on what to do next.

On the other hand, each of the individual schedules is more like a bullet or a number on a piece of paper, allowing project managers to keep track of progress more easily.
Breakdown of Components. All three types of master schedule have some basic components. For example, a master schedule will describe the current state of the deliverables, or what the product or deliverable is in reality. A level schedule will break down each level of a project from the beginning (blue) to the end (red). And the overall goal or objective of the project would be broken down into several smaller goals (green, blue, orange, and purple). Each component has its own set of milestones which indicate when the component is complete, how many there are and what kind of deliverables or results the team is aiming for.

What Are They Good For? Each type of master schedule is useful for different projects. For example, a level schedule will give project managers an idea on how long a particular stage of the project should take to complete. This allows them to easily estimate the amount of time they have, how long each milestone should take and when to meet them to get to the next milestone. They can also use this master schedule to create mini-milestones that will get the ball rolling for each milestone.
Why Are They Good? Keeping track of all the various components that make up a master schedule is a difficult task. The main reason why individuals need to do this is to ensure that everyone is on the same page with the direction of the project. Each individual schedule will usually tell the project team leader exactly what the status is of each element of the project and when those elements are due to be completed. This is very helpful because the project team leader will know when he needs to make changes to the plan, and when he has enough of a head start to give him some breathing room.

The primary reason why an individual schedule is better than a master schedule is that it describes the current state of the project (as opposed to the entire timeline), but it doesn't give the project manager a full picture of the project's status. The summary-level project schedule is designed to give project managers a good overview of the project in general. This may be sufficient for a shorter project, such as a wire frame, but if a longer term project such as a strategic business process is at stake, a master schedule will provide a more complete picture of how the project will progress.

So which one is better? In general, keeping track of all the major project milestones and then creating and maintaining a master schedule vs. summary-level schedule templates is the most accurate way to track and define project requirements. However, as with anything, there is always a trade-off between accuracy and detail. When an IT project manager needs to project the budget of the project, or when he needs to track and estimate the cost of individual deliverables, he will likely prefer a master schedule vs. a summary-level schedule.