Scheduling various processes is one of the most fundamental functions of the operating system. In that context one of the most common scheduling algorithms used in most operating systems is the Round Robin method in which, the ready processes waiting in the ready queue, take control of the processor for a short period of time known as the time quantum (or time slice) circularly. Here we discuss the use of statistics and develop a mathematical model to determine the most efficient value for time quantum. This is strictly theoretical as we do not know the values of times for the various processes beforehand. However the proposed approach is compared with the recent developed algorithms to this regard to determine the efficiency of the proposed algorithm.