Hello,
Bandwidth under interface isn't used for QOS. It's used for routing protocols, STP, statistics and maybe for any other things. If you're missing WRED, I assume your platform and/or IOS doesn't support it. I suggest that you check cisco feature navigator to confirm if your router supports WRED
http://tools.cisco.com/ITDIT/CFN/jsp/index.jsp
I for example own C861 and I'm also missing this command
If you add "bandwidth" command under policy-map, means you will reserve/allocate this bandwidth for some applications.
if you want to set bandwidth for input and output you need to configure 2 policy-maps. But I don't see the reason for limiting inbound traffic and I trink that you even can't do that.