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The voltage regulation is the percentage of voltage difference between no load and full load voltages of a transformer with respect to its full load voltage. Voltage regulation is required in almost all circuits that required constant voltage over the time. Suppose we have a battery of 9v and we want our circuit to run continously at 9v. If we connect the battery with the circuit, it will work,but during the time the battery will keep discharging and the voltage will go at lower votlage. In this type of circumstances we are required to make regulation circuits. Some times after connecting the load the output goes at lower voltage.Zener diodes are used to mainatiain a constant voltage at the output. Almost all types of regulators use zener diodes to implment voltage regulator. In the given circuit, we have used a zener diode , let us suppose we have a zener diode of Vz voltage, then we can regulate the output at constant Vz. As long as the input voltage across zener diode is greater or equal to Vz, it gets turned on and output remain at Vz.