The efficiency of the Round-Robin (RR) algorithm for CPU scheduling depends on its Time Quantum (TQ) value. The optimal time quantum value can reduce the average waiting time and average turnover time of the processes in the ready queue. Finding an adaptive time quantum for the processes in the ready queue is a challenging task to get an efficient performance from the round-robin algorithm. Too lengthy or too short of time quantum induces starvation or computation overhead in the process execution. TQ value is adaptive to various features of waiting processes in the ready queue such as the number of processes in the ready queue, average burst time, arrival time, and priority of the waiting processes. Hence, we have modified the round-robin algorithm by considering its performance-influencing factors to set the optimal time quantum value. Also, this proposed RR sets a dynamic time quantum for every iteration that aligns with the changing nature of the ready status properties. The performance improvement of the proposed round-robin algorithm is analyzed using implementation results. With the support of performance metrics such as average waiting time (AWT) and average turnaround time (ATT), the proposed modified round-robin algorithm is compared with other CPU scheduling algorithms and existing modified RR. The comparison results show the better performance of the proposed RR.