CPU Scheduling has played a critical role in making efficient systems, It is the mechanism which allows one process to use the CPU for execution while other processes are put on hold because of unavailability of any required resource, with the aim of maximizing the CPU utilization and reducing the waiting time and the turnaround time. This paper presents a new Scheduling Algorithm, which supports preemption, reduces the turnaround time and the waiting time. To show its effectiveness, its comparison is done with other traditional scheduling algorithms including First Come First Serve, Shortest Job First, and Round Robin Scheduling Algorithm, and as a result it was found that the proposed algorithm provides a new and effective scheduling approach which reduces the average waiting time and average turnaround time in a much better way than the traditional approaches.