In Outlook calendar collaboration is a frequently used feature. It is useful for scheduling meetings and more.
If you need to schedule a meeting with a lot of people, it can be difficult to find a time that's best for everyone. Schedule view allows you to see a simplified version of your shared calendars, which makes it easy to find the perfect time for your next meeting.
By default, any scheduled appointments and meetings will appear as busy time in Schedule view, while all other time will appear as free. However, if you keep an especially busy schedule, you may wish to set additional free and busy times. For example, you may wish to set certain hours as busy to put aside time for your own work. Alternatively, you may wish to set certain hours as free if you want people to know you're available.