Program Execution Speed
The speed at which a digital circuit can switch states - that is, to go from "low" (VSS) to "high" (VDD) or vice versa - is proportional to the voltage differential in that circuit. Reducing the voltage means that circuits switch slower, reducing the maximum frequency at which that circuit can run. This, in turn, reduces the rate at which program instructions that can be issued, which may increase run time for program segments which are sufficiently CPU-bound.
This again highlights why dynamic voltage scaling is generally done in conjunction with dynamic frequency scaling, at least for CPUs. There are complex tradeoffs to consider, which depend on the particular system, the load presented to it, and power management goals. When quick responses are needed, clocks and voltages might be raised together. Otherwise, they may both be kept low to maximize battery life.
Read more about this topic: Dynamic Voltage Scaling
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