A system and method for adaptively assigning queue service weights to an ATM traffic management controller in order to reduce service weight update calculations. The implementation of a fair weighted queuing scheme on a network is divided into two functions: queue arbitration; and queue weight configuration. Queue arbitration is performed via a virtual time-stamped fair queuing algorithm. The queue weight configuration is performed via a reconfigurable weighted fair queuing controller wherein bandwidth requirements are calculated in response to connection setup and release values.