The present paper is aimed at multi-objective scheduling in an agent based holonic manufacturing system to satisfy the goal of several communities namely the product, the resource, and the organization simultaneously. In this attempt, first a multi criteria based priority rule is developed following Simple Additive Weight (SAW) method under Multi Criteria Decision Making (MCDM) environment to rank the products. Accordingly, the products are allowed to select a particular resource for execution by negotiation considering minimum time as criterion. The interests of different communities are accomplished by allocating the ordered rank of products to the ordered rank of resources. Conflict, if arises between products and resources, are resolved by introducing the concept of Early Finish Time (EFT) as criterion for task allocation. A scheduling algorithm is proposed for execution of the rule. In view of machine failure, a cooperation strategy is evolved that also optimizes reallocation of the incomplete task. It is concluded that the proposed scheduling algorithm together with the disturbance handling algorithm are poised to satisfy the agent’s local objective as well as organization’s global objective concurrently and are commensurable with multi agent paradigm.