The latest CTEQ6.6 parton distributions, obtained by global analysis of hard scattering data in the framework of general-mass perturbative QCD, are employed to study theoretical predictions and their uncertainties for significant processes at the Fermilab Tevatron and CERN Large Hadron Collider. The previously observed increase in predicted cross sections for the standard-candle W and Z boson production processes in the general-mass scheme (compared to those in the zero-mass scheme) is further investigated and quantified. A novel method to constrain PDF uncertainties in LHC observables, by effectively exploiting PDF-induced correlations with benchmark standard model cross sections, is presented. Using this method, we show that the top-antitop pair cross section can potentially serve as a standard candle observable for the LHC processes dominated by initial-state gluon scattering. Among other benefits, precise measurements of $tbar{t}$ cross sections would reduce PDF uncertainties in predictions for single-top quark and Higgs boson production in the standard model and minimal supersymmetric standard model.
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