Prioritize and schedule test case execution

In a software development company, the situation that a team of testers was working on a major project with tight deadlines is really popular. The project involved developing a complex platform or application with numerous features and functionalities. The testing team had a substantial number of test cases to execute within a limited timeframe.

The question triggered might be: What strategies do you employ to prioritize and schedule test case execution based on project timelines and criticality?