Scheduling is the process of determining which process will use the CPU when multiple processes are ready to execute. The objectives of scheduling are to maximize CPU utilization, throughput, and fairness while minimizing response time, turnaround time, and waiting time. There are three main types of schedulers: long-term schedulers manage process admission to the system; short-term or CPU schedulers select the next process to run on the CPU; and medium-term schedulers handle process suspension during I/O waits.