A latent variable model is a statistical model that relates a set of variables (so-called manifest variables) to a set of latent variables.
DEFINITION of 'Functional Obsolescence'. A reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.The term is commonly used in real estate, but has a wide application.Next Up. reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed. The term is commonly used in real estate, but has a wide application. Next Up.
OBSOLESCENCE: FORM OR FUNCTION By: Paul K. Bidwell, MAI, SRA, CCIM In order to understand functional obsolescence it is important to realize what the word function actually means. According to many definitions within published texts function is a kind of action that is proper and is the purpose for which something is designed or fits.