RC components of an SMPS have many characteristics that aren't shown on a typical schematic diagram. Each component exhibits parasitic behavior that degrades the SMPS conversion efficiency. Other components also contribute to efficiency loss: The SMPS switch (usually a MOSFET) has several characteristics that degrade efficiency, and power consumption in the SMPS controller obviously reduces efficiency. Even p. c. board traces can degrade efficiency to a small degree if poorly designed.
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