Random thoughts on this topic: Always test with a full charge on the battery, or readings will be off as the system attempts to recharge it. Keep in-mind, where you connect the alternator is what the voltage sensing reads, not battery voltage. Unless of course, you connect the alternator sense wire directly to the battery. If testing voltages, test on the battery terminals (not connections), but also the junction where the alternator connects, and from the Bat(-) to the engine block and chassis, as that's part of the resistance circuit. It will be lower, and so the alternator thinks it needs to charge more, when it's reading voltage drop from the battery through the cables. This makes your cables and connections (all of them!) a very important maintenance item to avoid over-charging.
Alternators with a separate sense wire can compensate automatically for this, reading the direct battery voltage instead of after voltage drops. Some systems charge lower voltage to compensate for the voltage drops, such as classic GMs that sensed at a firewall junction assumed to be lower. 14.7V is considered a standard "fast charge", good to help quickly rebuild battery charge on local short trips. As the battery increases toward 100% charge, it takes a while but the voltage should drop, using a constant current (value of ammeters) rather than a constant voltage (Ohms' Law). In a similar fashion, higher loads will drive-up voltage to deliver current (amps) if it can. If your voltage drops under high load, your alternator has maxed the volts to deliver the amps, but can't keep-up at that alternator speed. Mr. Ohm again.
15V is fine just after extended cranking or under high loads (that pesky Ohm's Law), and higher is OK if very cold out, up to ~15.5V. Yet higher is becoming a concern if there is no known reason for it. Likewise, highway cruising all day across America should show the voltage slowly decrease to slow-charge (~14.2V), and lower once the battery hits full charge (~13.8V), depending on temperature and loads.
The battery should stabilize at ~12.75V at rest, after the surface charge depletes. Watch your voltage and it can tell you how the alternator is responding, and if that makes sense for the conditions.
BATTERY CONDITION - Volts and Specific Gravity (RESTED 12 HRS.)
CHARGE VOLTAGE SG (<25°C) SG (>25°C)
100% 12.75 1.250 1.240
90% 12.65 1.235 1.225
80% 12.55 1.220 1.210
70% 12.45 1.205 1.195
60% 12.35 1.190 1.180
50% 12.25 1.175 1.165
40% 12.10 1.160 1.150
30% 11.95 1.145 1.135
20% 11.85 1.130 1.120
10% 11.75 1.115 1.105
<10% 11.65 1.100 1.090