method of locating schematic part on board layout?

It's called 'cross-probing'. In Eagle open the schematic and the corresponding brd, on both interfaces press the eye-shaped icon ("Show Objects"). Now by clicking a specific object in one of the windows it will be highlighted in the second. If you are wondering how to locate a part on the schematic, just type show <part_reference> on the command entry field just above the schematic. The same will work on the PCB view.

In the SCH, try typing:

sh @ part

which highlights the part with a box, both in SCH and BRD files simultaneously

Use the show tool. This will highlight the corresponding element in both the layout and the schematic.