List scheduling algorithms attempt to minimize latency under resource constraints using a priority list. We propose a new heuristic that can be used in conjunction with any priority function. At each timestep, the proposed clustering heuristic tries to nd a best match between ready operations and the resource set. The heuristic arbitrates among equal priority operations based on operation-clusters formed from the dependency graph. Based on this heuristic we have presented a new Cone-Based List Scheduling (CBLS) algorithm. Results presented in this paper compare CBLS with the well-known Force Directed List Scheduling (FDLS) algorithm, for several synthesis benchmarks. In cases where FDLS produces sub-optimal schedules, CBLS produces better schedules and in other cases CBLS performs as good as FDLS. Moreover, in conjunction with a simple priority function (namely the self-force of an operator), CBLS results in considerable improvement in latency when compared to FDLS that has the same ...