Round Robin (RR) scheduling algorithm is a preemptive scheduling algorithm. It is designed especially for time sharing Operating System (OS). In RR scheduling algorithm the CPU switches between the processes when the static Time Quantum (TQ) expires. RR scheduling algorithm is considered as the most widely used scheduling algorithm in research because the TQ is equally shared among the processes. In this paper a newly proposed variant of RR algorithm called Min-Max Round Robin (MMRR) scheduling algorithm is presented. The idea of this MMRR is to make the TQ repeatedly adjusted using Min-Max dispersion measure in accordance with remaining CPU burst time. Our experimental analysis shows that MMRR performs much better than RR algorithm in terms of average turnaround time, average waiting time and number of context switches.