In a computer system with a multi-core processor having a shared cache memory level, an operating system scheduler adjusts the CPU latency of a thread running on one of the cores to be equal to the fair CPU latency which that thread would experience when the cache memory was equally shared by adjusting the CPU time quantum of the thread. In particular, during a reconnaissance time period, the operating system scheduler gathers information regarding the threads via conventional hardware counters and uses an analytical model to estimate a fair cache miss rate that the thread would experience if the cache memory was equally shared. During a subsequent calibration period, the operating system scheduler computes the fair CPU latency using runtime statistics and the previously computed fair cache miss rate value to determine the fair CPI value.