Final answer:
Deadlines guide forward or backward scheduling by determining when tasks need to be started or completed. Backward scheduling is planning from the end date to the start, whereas forward scheduling moves from the start date to the deadline. Effective scheduling is crucial for time management and adhering to budgets without being affected by sunk costs.
Step-by-step explanation:
Deadlines indeed determine the timing in either forward or backward scheduling. In forward scheduling, you plan tasks from a start date moving forward, while in backward scheduling, you determine the latest possible start times by planning backwards from a deadline.
The heuristic of working backwards helps to plan effectively and manage time, for instance, when planning a trip to a wedding in Philadelphia, one would need to factor in the travel time and potential for traffic in order to arrive on time. This method is similar to the budget constraint framework in economics, which emphasizes that decisions should focus on what will happen next and not be dictated by sunk costs, which are past and unrecoverable expenses.
In project management, understanding these principles can lead to more strategic scheduling and better time management, as illustrated by the contrast between Allen, who is scrambling to finish projects, and Amy, who planned ahead and completed everything well in advance.