When applying policy-maps to an interface, which direction is generally preferred and why?
outbound on the public interface
inbound on the private interface
This depends on what actions you're applying.
Shaping - only applicable outbound
Policing - can be either, depending if you are limiting what you are sending(out) or limiting what you want to receive(in).
Marking - depends if you want to mark what you're receiving (in), or mark what you're sending (out)
WRED - out
Frame Relay traffic shaping - out