In this video, Florian shows how to measure the loop gain of a power supply or voltage regulator using the Bode 100 VNA.
The measurement is based on the "voltage injection method" as it was first presented by R. D. Middlebrook.
The Bode 100 is used as a frequency response analyzer and injects a disturbance voltage into the loop via the B-WIT 100 injection transformer.
CH1 and CH2 of the Bode 100 are used to measure the response of the loop.
This is an "open loop gain measurement" that measures the open loop gain (in fact the loop gain) when the system is running closed loop.
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As you can also see in a comment, this is a very intuitive and simplified explanation.
Check out • Bode stability criterion: Clearing a commo... for a more detailed approach!