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Well I tested the alternator the way you said and I'm guessin it failed cause the voltage stayed at 11.72ish.
Unless you have a bad voltage regulator instead of the alternator. That test just say's it isn't charging, it could still be either one of these components.
Did you replace the voltage regulator yet? Some places have test equipment to test them as well. It will surprise me if it's good.
Where the voltage regulator bolts to the fender is how the regulator grounds through it's case. Clean the area around where it bolts to the fender so it gets a proper ground.
If the grounds are good... If the wiring harness is good... If the alternator is good... If the Battery is good... and you are still getting 11.72 volts... Replace the Voltage Regulator.
That test(taking the field wire directly to the battery +) is a good test for the alternator. One thing we have forgotten to mention is the fusible link going to the alternator. You can put alternators in it all day long, and none of them are going to charge if the fusible link is shot(usually is if you have been changing the alternator with the battery connected).
Take your voltmeter, and with the truck off, put one lead on the neg of the battery, and put the other lead on the large "bat" terminal of the alternator. You should get battery voltage. If you don't, the fusible link is bad.