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Massive investments in Water and Waste Water Industry (WWWI) are made every year in a large number of projects by the central and state government, Public Private Partnership (PPP), financial institutions and others. In order to get commensurate benefit with the cost, it is essential that the projects and programmes are judiciously selected and their plans of implementation are precisely prepared. This paper probes the use of Planning and Control Systems (PCS) in WWWI for improving investment decisions and project implementation with the help of different schedules, to facilitate support for implementation of PCS during Project Execution. The Schedule for Technical Hindrance and Risk has in depth study with its impact on Project Completion and Cost. The Schedules rationalized periodically, monitored systematically, evaluated concurrently for controlling costs and resources aids to take remedial actions before things become critical. The findings in this paper will offer valuable insights on Planning and Controlling the project with the help of Schedules, explicitly for Technical deviations and Project Risks to drive in for timely completion of projects within budgeted costs.