Process scheduling involves assigning system resources like CPU time to processes. There are three levels of scheduling - long, medium, and short term. The goals of scheduling are to minimize turnaround time, waiting time, and response time for users while maximizing throughput, CPU utilization, and fairness for the system. Common scheduling algorithms include first come first served, priority scheduling, shortest job first, round robin, and multilevel queue scheduling. Newer algorithms like fair share scheduling and lottery scheduling aim to prevent starvation.