I am wondering if any parameters of a PBS job such as walltime are taken into account by PBS's scheduling algorithm and have an effect on the priority of a job. Unfortunately I wasn't able to find details on the PBS scheduling. Can anybody tell me or point me to it?
In addition is there a way to see which job is executed next?
Yes, PBS Professional uses walltime attributes to estimate when this or that job will run. One specific case when this is useful is when backfilling is turned on.
Backfilling is a policy that helps jobs with large resource requirements to get their chance to run. Sometimes large job may be stalled for a certain amount of time because smaller jobs that were submitted after this job consume resource chunks as soon as they become available. When backfilling is enabled the scheduler follows a specific algorithm.
This is one of the more frequently used scenarios when walltime attributes are used by the scheduler.
Edited following Arun's suggestion