In this scenario, dynamic and decentralized Load Balancing (LB) considers all the factors pertaining to the characteristics of the Grid computing environment. Dynamic load-balancing algorithms attempt to use the run-time state information to make more informative decisions in sharing the system load and in decentralization, algorithm is executed by all nodes in the system and the responsibility of LB is shared among all the nodes in the same pool. For this purpose, in this work, an extensive survey of the existing LB has been done. A detailed classification and gap analysis of the existing techniques is presented based on different parameters. The issue of LB in a Grid has been addressed while maintaining the resource utilization and response time for dynamic and decentralized Grid environment. Here, a hierarchical LB technique has been analyzed based on variable threshold value. The load is divided into different categories, like, lightly loaded, under-lightly loaded, overloaded, and normally loaded. A threshold value, which can be found out using load deviation, is responsible for transferring the task and flow of workload information. In order to improve response time and to increase throughput of the Grid, a random policy has been introduced to reduce the resource allocation capacity etc. Poisson process has been used for random job arrival and then load calculation has been done for assigning job to the appropriate Processing Entity for balancing the load in the pool. After balancing the load, it comes into the normally loaded pool, and then Job Migration process is executed. The performance of the proposed model, algorithms and techniques has been examined over the GridSim simulator using various parameters, such as response time, resource allocation efficiency, etc. Experimental results prove the superiority of the proposed techniques over the existing techniques.