A method and system and calibration technique for power measurement and management over multiple time frames provides responsive power control while meeting global system power consumption and power dissipation limits. Power output of one or more system power supplies is measured and processed to produce power values over multiple differing time frames. The measurements from the differing time frames are used to determine whether or not system power consumption should be adjusted and then one or more devices is power-managed in response to the determination. The determination may compare a set of maximum and/or minimum thresholds to each of the measurements from the differing time frames. A calibration technique uses a precision reference resistor and voltage reference controlled current source to introduce a voltage drop from the input side of a power supply sense resistor calibration is made at the common mode voltage of the power supply output.