How do you maintain a project schedule?

This my Answer to the stackoverflow question: How do you maintain a project schedule?:

The standard way is to use tools like MS Project or some open source alternative like ganttproject to manage your tasks and milestones and have an overview in an nice gantt chart.

I prefer a lighter approach with basecamp. The update should be daily, but I'll do it at least once a week as part of my gtd review.