Both outbound traffic policing (TP) and traffic shaping (TS) limit the rate of outgoing traffic on an interface. Traffic policing and traffic shaping have the following differences:
Traffic policing directly discards packets with rates that are greater than the traffic policing rate. Traffic shaping, however, buffers packets with rates that are greater than the traffic shaping rate and sends the buffered packets at an even rate.
Traffic shaping increases the delay, whereas traffic policing does not.