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The traditionally wired automation infrastructure is quickly migrating to more flexible and scalable wireless solutions. To cope with the stringent requirements of process automation in terms of latency and reliability, the network resources must be optimized to ensure timely and reliable communication. This paper considers the joint routing and transmission scheduling problem for reliable real-time communication over lossy networks. Specifically, we impose a strict latency bound for packet delivery from source to destination, and devise optimal transmission scheduling policies that maximize the success probability of delivering the packet within the specified deadline. A solution to this problem allows to characterize the set of achievable latencies and packet reliability for a given network. We offer a complete understanding of the problem when erasure events on links are independent and follow a Bernoulli process. We consider both static and dynamic resource allocation policies, and compare them in numerical examples.