Ad Scheduling is Google's word for 'Day Parting'.
This is a feature where one can list the time of day and days of the week they wish their ads to run. Google will automatically start and stop the ads based upon advertiser settings.
In addition, one will be able to change Max CPCs based upon time considerations.
This feature will be released in June.
This feature is tied to the Time Zone Settings [webmasterworld.com] of an account.
How businesses are expected to use the feature:
Small Businesses: Set their ads to run during normal business hours. This will ensure that their phone doesn't ring at hours when they aren't in the office.
Sophisticated advertisers: Measure ROI based upon Time of day and day of the week. Then ads can be paused or CPCs changed based upon ROI considerations.
It's a very welcome release from Google, and should allow many a new level of control.
The 'coolness feature wish list'.
Not sure how many would ever use this, but it would definitely be one of those 'wow' offerings.
Allow a small business to tie their Google Calendar to their AdWords account. A SME could then set their appointments in the calendar, and as their time became too busy to answer the phone (think massage therapist who only has one table, a plumber who is out of the office on a call, etc) their ads would be automatically paused by the ad serving system.