1) The execution Rule doesn't fire the action. You need to list the action on the Action line of the Subaction. (Note you can have a rule to pick the action that is fired on it)
2) The execution Rule is only for should the action be called or not.
3) The Act on object needs to point to the object that needs to be changed (for edited) or the parent object (for when adding a new object)
In your case I would say,
1) have the execution type set to loop over collection
2) set the collection to your Flight Schedule collection
3) Because the execution type to loop over collection, the rule will be fired for each object so the rule would only need to look like:
(Root)
EQSTR
- ScheduleID
- Search Field
4) Set the action to the "xxx_Is_Found" Action