The role of multi-core processors in recently developed real-time systems is gaining importance because of its energy and thermal conditions. The major development requirements and objectives to be met while designing multi-core processors are: low heat dissipation, low energy consumption and long battery life, which also helps to reduce the system costs. This paper is presented with an aim to achieve a better system performance in a multi-core processor platform by adjusting the trade-off between system performance and power dissipation. Dynamic Power Management (DPM) and Dynamic Voltage Scaling (DVS) are the two run-time techniques used to adjust the trade-off between the system performance and power dissipation. Simulated Annealing (SA) algorithm is implemented in order to find a good approximation to the global optimum. The idea behind Simulated Annealing algorithm is to iteratively improve the solution by investigating the neighbour solutions.