A method for dynamic queue management using a low latency feedback control loop created based on the dynamics of a network during a very short time scale is implemented in a network element. The network element includes a plurality of queues for buffering data traffic to be processed by the network element. The method includes receiving a data packet, a classification of the data packet, and identification of a destination for the data packet. The data packet is assigned to a queue according to the classification and the destination. A queue bandwidth utilization, a total buffer usage level, and a buffer usage of the assigned queue are determined as a set of parameters. A look-up of a dynamic queue threshold using at least two parameters from the set of parameters is performed, and the dynamic queue threshold is applied for admission control to the assigned queue in the shared buffer.
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