Well.......to be precise, the voltage regulator in the alternator adjusts the voltage as it drops due to an added external load. The PCM does two things in our architecture:
1) The PCM has one control wire that is either on or off. It doesn't vary with load. Its purpose is to hold off (or suppress) the alternator from immediately starting to work when it's extremely cold out, the battery is already low from being cold, and it goes even lower when cranking a cold engine with cold oil and cold fuel being sprayed into cold cylinders. If the alternator threw its mechanical load onto the serpentine belt to instantly recharge the depleted battery, GM found it didn't allow the engine RPM to stabilize nicely. So this control wire delays the alternator from starting right up, and you can see that in the dashboard voltmeter. When it's wicked cold, it will stay at 11-12V for up to 30 seconds, THEN go up to the 14-15 the alternator puts out normally.
2) There is another wire FROM the alternator to the PCM, telling the PCM how hard the alternator is working. (It's a sense wire on the field, for those who know how alternators work). The PCM uses that as a measure of the load put on the alternator. Doesn't control anything, just sees if the alternator is putting out all it can. At 100% duty cycle, if the PCM sees the voltage is STILL going down, it concludes the alternator has a fault (like a dead diode), and can't keep up with the demand. Now this is cool - the PCM has a feature never discussed in the Owner's Manual, but it is in the shop manual (that if you own, you MUST read cover-to-cover). The PCM can load-shed! It tries to keep enough voltage in the system to try to let you limp home. It disables things like the power windows, then the entertainment system, then the HVAC and blower, then the interior lights. It disables the exterior lights last, as a safety issue. It tries to get you home or to a place of safety. You'd think they would tout this in the Owner's Manual, but no.
And in a million posts, I've never read once that this feature has ever been actuated and had somebody ask about it. Sigh.......Useless knowledge.