Co-scheduling of parallel jobs in the chips is well-known to produce benefits in both system and individual job efficiency. The existing works have shown that job co-scheduling can effectively improve the contention, yet the question on the determination of optimal co-schedules still remains unanswered. The need for co-scheduling has been typically associated with communication bandwidth and the memory. In our work we have proposed a novel scheduling algorithm for optimal co-scheduling of parallel jobs. This algorithm facilitates the scheduling of parallel jobs using bandwidth and memory concepts. The co-scheduling of the processes in the chips using the proposed algorithm shows satisfactory improvement in performance of running the parallel jobs.