A Corrosion Schedule is created automatically when a Circuit is created. Its Schedule Category and Schedule Driver will be set automatically based on the Circuit's predefinitions for Corrosion Schedule Defaults. The Corrosion Schedule is credited when the Calc Summary on the Circuit is Final Approved.
The Corrosion Schedule is automatically recurring, thus when the Calc Summary is Approved, a new Schedule will be created and the NID set (based on the CR calculations).
Under normal circumstance it is not necessary to, but you can if desired, Edit (and then Approve) the Corrosion Schedule.
You can review the steps of how to Execute, Analyze and Document a Corrosion Schedule in Step 13 of the Degradation Management workflow.