Establishing an explicit feedback connection between production management and process control decisions is a key requirement for more nimble and cost effective process operations in today's variable market conditions. Past research efforts focused on embedding dynamic process information in the production scheduling problem. In this article, we propose a novel framework for closing the scheduling loop, based on considering the process-level events and disturbances that impact the implementation of scheduling decisions. We emphasize the role of a comprehensive fault detection, isolation and reconstruction mechanism as a trigger for rescheduling decisions and for reflecting the process capabilities altered by these events in the rescheduling problem formulation. Our framework is agnostic to the process type, and we present two (continuous process, sequential batch process) case studies to demonstrate its applicability.