This problem  can have a number of causes
1--Bad regulator,  usually  caused by  the old  mechanical relay type
2--Voltage drop in the harness,  something I continually  preach "around here."   This is the circuit path  "in a stocker"    from  battery  -- fuse link  --  bulkhead connector  --  ammeter --   ignition switch connector  --  through the switch  --  back out the switch connector  --  back out the bulkhead  --  to the  regulator  IGN  terminal
3--Ground loop  or  other ground problems.   The  VR  MUST  have   the  SAME  connection  as the battery negative terminal.  PERIOD.
4--Modern problems.   It is possible  in some cases  that  some   elecrical interferance  from systems  can  affect other systems,  IE  high  output ignition systems  can  generate  interferance into the regulator.
There  is also  a wierd problem  that  can only be described as  a kind of  oscillation or feedback loop.  I've seen this   a couple of times,  and didn't understand  until  the second time around.   What  CAN  happen  is that some alternators  can  "accidently"  or by poor design have a  poor cut--in   characteristic.    The engine slows down a little,    the  regulator  says,   "Hell, we ain't chargin"  and ramps the  field  current  way up.    The engine speeds up a little,   and  suddently the alternator bangs in there  and the voltage shoots way up,  and the regulator  drops  back  TOO FAR,   then has  trouble deciding  how to compensate.   
The only  two times  I  "saw"  this,  seemed to be a combo  of  "try a different regulator"  and  a different  alternator.  
(I'm non an engineer,  not paid to be, nor do I play one on TV)
5--"Easy stuff"  like  slipping fan belts.  Take nothing for granted.