A schedule specifies the order of transaction execution. There are three types of schedules: serial, non-serial, and serializable. A serial schedule completes one transaction fully before starting the next, while non-serial schedules allow interleaving of transaction operations. A serializable schedule leaves the database in a consistent state, like a serial schedule. Conflicting operations, where two transactions operate on the same data simultaneously in a way that could produce inconsistent results, can cause non-serializability.