I've also added some points that should be on the task list as well. I've highlighted my additions in red.
June and July: 1) Address your weaknesses - retake the GMAT, take outside classes, take up additional activities or increase your involvement in existing ones, etc. 2) Identify and research your target schools, arriving at specific courses and clubs that would be of interest to you. 3) Approach potential recommenders to present your plans for business school and determine whether they will support you. 4) Request college transcripts. 5) Schools begin to release deadline and essays. Pay attention to when they come out. Most schools will have released all application info by the end of August. 6) If you're planning on using an Admissions Consultant, June and July are when you should be calling them to get to know them. They'll give you an hour at no charge to discuss your candidancy. Here's my 411 on using Admission Consultants.
August: 1) Develop a one-page resume appropriate for the MBA admissions process. 2) Create a general career goals essay (that also covers your work experience and your reasons for wanting an MBA). 3) Sign up for interviews at schools that allow you to do so. 4) Meet with your recommenders again - provide them with your resume, career goals essay, and other materials, and discuss the letter they will draft on your behalf. 5) Begin to write other essays. 6) Most schools begin nationwide and international information sessions. It's a good idea to attend them. Sign up on their web sites. The only info sessions that you may have problems not signing up in advance are when they meet at corporations. Don't risk it, sign up in July for most info sessions. 7) Write a list of those people who might be able to critique your essays. Contact them and get them familiar with your timeline. Prepare thank-you gifts when it's all done.
September: 1) Write and carefully revise your essays in order to produce the most polished responses possible. 2) Visit your target schools and interview, making sure that you present a message that is consistent with that in your essays. 3) Complete application forms with attention to detail and accuracy (don't leave these until the last minute!). 4) Maintain contact with recommenders to ensure that they will finish their letters on time. 5) Sept - MBA Tour & World MBA Tour Start (Register online)
October: 1) Make your final revisions and put the finishing touches on your application materials. 2) Submit applications.