I would agree to call the method a "Factory Method", though the design is not strictly a "Factory Method Pattern".
Here is a key point (from Wikipedia):
...The Factory method lets a class defer instantiation to subclasses."
Since your class is static and method static (hence non-virtual), there is no "deferring" possible.
Conceptually, notice also, that this implementation, though provides encapsulation, does not decouple/delay any decision.
Having said that, same Wikipedia article does present this schema as a variant of the "Factory Method Pattern".
Summary of the Summary: In my opinion this snippet is not a proper implementation of the "Factory Method OO Design Pattern", since it does not satisfy "a class defer instantiation to subclasses." Though, personally I would freely refer to this solution as "factory method".
To make it real factory method pattern, you need to allow the method to be overridden by subclasses. I.e. factory class (ScheduleTypeFactory) needs to be extensible (i.e. non-static), and GetScheduleItem needs to be virtual.
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