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jyothsna ajyothsna a 

SchemaBuilder

Hi 
Can any one tell me what is the use of schema builder
Deepthi BDeepthi B
Hello Jyothsna,

Schema Builder provides a dynamic environment for viewing and modifying all the objects and relationships in your app. This greatly simplifies the task of designing, implementing, and modifying your data model, or schema.

You can view your existing schema and interactively add new custom objects, custom fields, and relationships, simply by dragging and dropping. Schema Builder automatically implements the changes and saves the layout of your schema any time you move an object. This eliminates the need to click from page to page to find the details of a relationship or to add a new custom field to an object in your schema.

Schema Builder provides details such as the field values, required fields, and how objects are related by displaying lookup and master-detail relationships. You can view the fields and relationships for both standard and custom objects.Schema Builder is enabled by default and lets you add the following to your schema:
Custom objects
Lookup relationships
Master-detail relationships
All custom fields except: Geolocation

Also please check the following link in trailhead: https://developer.salesforce.com/trailhead/data_modeling/schema_builder 

Hope this helps you!
Regards,
Deepthi
Pritam ShekhawatPritam Shekhawat
Schema Builder provides a dynamic environment for viewing and modifying all the objects and relationships in your app. This greatly simplifies the task of designing, implementing, and modifying your data model, or schema.
You can view your existing schema and interactively add new custom objects, custom fields, and relationships, simply by dragging and dropping. Schema Builder automatically implements the changes and saves the layout of your schema any time you move an object. This eliminates the need to click from page to page to find the details of a relationship or to add a new custom field to an object in your schema. Schema Builder provides details such as the field values, required fields, and how objects are related by displaying lookup and master-detail relationships. You can view the fields and relationships for both standard and custom objects.
  
But using Schema Builder while creating fields you didn't get options to add Field level 
Security and steps to add to Page layout.And while using this if you are using record types and different page layouts for it then you should create fields using normal standard process. Using Schema builder you can verify how Salesforce Objects are related to each others.

For more information take a look here https://developer.salesforce.com/trailhead/data_modeling/schema_builder
http://www.infallibletechie.com/2013/10/schema-builder.html