A method of power management of a system of connected components includes initializing a token allocation map across the connected components, wherein each component is assigned a power budget as determined by a number of allocated tokens in the token allocation map, monitoring utilization sensor inputs and command state vector inputs, determining, at first periodic time intervals, a current performance level, a current power consumption level and an assigned power budget for the system based on the utilization sensor inputs and the command state vector inputs, and determining, at second periodic time intervals, a token re-allocation map based on the current performance level, the current power consumption level and the assigned power budget for the system, according to a re-assigned power budget of at least one of the connected components, while enforcing a power consumption limit based on a total number of allocated tokens in the system.