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We propose and evaluate a resource management and scheduling algorithm for a quality of service (QoS)-aware wireless access router for use in enterprise and home network solutions. The proposed algorithm provides delay and packet loss service guarantees to a diverse set of application traffic classes, produced as a result of convergence of home entertainment and data networks. The algorithm provides both relative and absolute (where applicable) QoS guarantees to traffic classes. One of the key results of our work is the development of an efficient procedure for capturing the predictive traffic characteristics and performances by monitoring ongoing traffic arrivals. This allows the wireless router's resource management while determining sufficient service rate for each traffic class in order to meet its QoS requirements. Key features of the algorithm are its scalable implementation and the effectiveness of QoS controls it extends. We also present the simulation results, which demonstrate algorithm's efficiency in handling the variety of real-time data.