(If anyone wants to add to this, go ahead, but I hope this can be included in the main documentation at some point, as I can't find it on the website or in the engine.)
To use a simple Event Schedule, you will need to turn on "Use Day/Night Cycle", which is in your Map Properties, like so:

to change the length of the cycle you must;
You can then change the Cycle Duration to whatever you desire. When you're done, go back to the "Use Day/Night Cycle" and scroll down to "Event Schedules."

You can then click "Add Event," which will create a "New Event."

"Time' Variable is when the event Activates, and the Script Variable is what the script is used for.
You can do a lot of cool and amazing stuff with this tool! like adding different lighting settings for different times! (like sunset and sunrise) or having a time-related cutscene! let your mind go wild!
Written By Golden404/Kaleb.C