In this paper, a new variant of Round Robin (RR) algorithm is proposed which is suitable for soft real time systems. RR algorithm performs optimally in timeshared systems, but it is not suitable for soft real time systems. Because it gives more number of context switches, larger waiting time and larger response time. We have proposed a novel algorithm, known as Priority Based Dynamic Round Robin Algorithm(PBDRR), which calculates intelligent time slice for individual processes and changes after every round of execution. The proposed scheduling algorithm is developed by taking dynamic time quantum concept into account. Our experimental results show that our proposed algorithm performs better than algorithm in 8 in terms of reducing the number of context switches, average waiting time and average turnaround time.