Chip-level power and thermal implications will continue to rule as one of the primary design constraints and performance limiters. The gap between average and peak power actually widens with increased levels of core integration. As such, if per-core control of power levels (modes) is possible, a global power manager should be able to dynamically set the modes suitably. This would be done in tune with the workload characteristics, in order to always maintain a chip-level power that is below the specified budget. Furthermore, this should be possible without significant degradation of chip-level throughput performance. We analyze and validate this concept in detail in this paper. We assume a per-core DVFS (dynamic voltage and frequency scaling) knob to be available to such a conceptual global power manager. We evaluate several different policies for global multi-core power management. In this analysis, we consider various different objectives such as prioritization and optimized throughput. Overall, our results show that in the context of a workload comprised of SPEC benchmark threads, our best architected policies can come within 1% of the performance of an ideal oracle, while meeting a given chip-level power budget. Furthermore, we show that these global dynamic management policies perform significantly better than static management, even if static scheduling is given oracular knowledge.