An uncountable number of computational resources are shared for various applications using a transformative technology called Cloud Computing. It is an emerging technology that can offer scalable and on-demand resources. However, cost optimization and resource allocation are critical issues due to the increasing number of cloud user and their request. It can be solved by optimising resource allocation by reducing the task/user queue. It is possible only if the requested resource is free; otherwise, it must schedule the same or relevant resource. This paper demonstrates a Resource-Aware Scheduling (RAS) algorithm to increase the speed of resource allocation by mapping the user request with the resource availability. The proposed algorithm examines the log information of the resources, workload behaviour, resource availability, price, task efficiency, and reduced wastage and allocates the resources dynamically. To do that, it maps user information with resource information and schedules based on availability and priority. The simulation-based experiment is carried out in a private cloud space and demonstrates the resource allocation, utilization, response time, and cost. It is also compared with the traditional scheduling algorithm to evaluate the performance of the RAS. The evaluation found that the RAS model is more suitable for cloud resource allocation.