We have ours calling a script that starts the dsmc sched.  This is how our
line looks in the inittab:

adsmcli:2:once:/etc/rc.dsmc_sched > /dev/null 2>&1 #Start ADSM Scheduler

In the script we have it starting the sched and making sure that it is using
the password.

Bill Wheeler
AIX Administrator
La-Z-Boy Incorporated
<mailto:bill.wheeler AT la-z-boy DOT com>