To use services transparently in a distributed environment, the Utility Grids develop a cyber-infrastructure. The parameters of the Quality of Service such as the allocation-cost and makespan have to be dealt with in order to schedule workflow application tasks in the Utility Grids. Optimization of both target parameters above is a challenge in a distributed environment and may conflict one another. We, therefore, present a novel heuristic algorithm for scheduling a workflow application on Utility Grids. Our proposed algorithm optimizes the allocation-cost and makespan in a scalable and very low runtime. The results of the wide-spread simulation indicate that the proposed algorithm is scalable against an increase in the application size and task parallelism of the application. The proposed algorithm effectively outperforms the current algorithms in terms of the allocation-cost, makespan and runtime scalability.