Feedback control is a process for controlling dynamic systems through continuous monitoring of outputs and adjusting inputs as needed. It works by comparing the actual output to a target setpoint and using that error to determine input adjustments to counteract deviations. A conceptual model involves a controller comparing feedback from the system output and error to the setpoint to determine new input values. The document provides an example of using feedback control to maintain someone's effective work hours at a target level and discusses benefits like automatic self-correction to changes.