Piano regulation is the adjustment, alignment and calibration of the piano's action and pedal mechanisms to ensure optimal functionality of each part. The meticulous process requires a skilled piano technician with a comprehensive understanding of the piano's intricate mechanism, given its complexity. Each part is interrelated and contributes to the overall playing experience of the instrument. 

Regulation is necessary due to the natural wear and tear of parts over time with playing, and regular readjustment is essential to optimize the piano's performance. Neglecting piano regulation may result in inconsistencies in the touch of the piano and potential damage to parts over prolonged periods.