Final answer:
The difference is that the project schedule is a dynamic document updated regularly throughout the project, while the schedule baseline is a fixed reference that changes only with approved scope changes.
Step-by-step explanation:
The difference between the project schedule and the schedule baseline is that the project schedule is a living document that is updated throughout the project's life to reflect the actual progress and any changes. In contrast, the schedule baseline is a fixed reference established at the outset of the project. It only gets updated when there is a formally approved change in scope, which means that any deviation from the baseline reflects a change in the project's planned delivery dates or duration. Thus, the correct answer is that the project schedule is updated throughout the project but the schedule baseline is only updated when there's an approved change to scope.