Dear Support team,
I would like to know what safety margin to be considered for design of 3.3V power supply for PicoMOD1.2.
From datasheet of PicoMOD1.2, max. Power Consumption is 3.3W max. equivalent to 1A max. current at 3.3V and 1.5W typ. equivalent to 454mA typ. current at 3.3V.
Hope you understand the confusion. Please guide. 
Thanks,
KP
1A is the theoretical maximum current when all components are working at maximum power.
This is unlikely to happen, but is an indication for the upper margin.
The typical values are the currents that are needed for static operation with no load or a cpu benchmark running, but these are average values and there can be much higher currents.
The most important value is the startup current. You must make sure that the voltage has a fast rise time and that there are no voltage drops during startup.
Make sure that your voltage regulator can meet these requirement.
