A device, system, and method are directed towards managing power consumption in a computer system with one or more processing units, each processing unit executing one or more threads. Threads are characterized based on a cycles per instruction (CPI) characteristic of the thread. A clock frequency of each processing unit may be configured based on the CPI of each thread assigned to the processing unit. In a system wherein higher clock frequencies consume greater amounts of power, the CPI may be used to determine a desirable clock frequency. The CPI of each thread may also be used to assign threads to each processing unit, so that threads having similar characteristics are grouped together. Techniques for assigning threads and configuring processor frequency may be combined to affect performance and power consumption. Various specifications or factors may also be considered when scheduling threads or determining processor frequencies.