In a power management scheme, at least one indicator of at least one current device operating condition that affects an amount of power required to operate a device may be received. Based on the at least one indicator, a floor value for an operating parameter of the device (e.g. clock frequency or voltage) may be determined. At least one further indicator of at least one current device operating condition may further be received. Based on the at least one further indicator, a ceiling value for the operating parameter may be determined. Based on an indicator of current activity of the device, the operating parameter may be dynamically adjusted to a value between the floor value and the ceiling value, to control power consumption by the device. In some embodiments, the value may be adjusted to only the ceiling value or the floor value, e.g. by selectively applying a scaling ratio.