This timeout is used by Analysis processing jobs trying to acquire an exclusive access to the warehouse resources during ...

This timeout is used by Analysis processing jobs trying to acquire an exclusive access to the warehouse resources during the Schema Change stage.  AnalysisSchemaUpdateWaitSeconds is how long a job will be waiting in the Running state to perform Analysis Database schema update. If the timeout expires before the Schema Change is finished, the job quits and try at a later (scheduled) time.