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 A reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.The term is commonly used in real estate, but has a wide application.Next Up. reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.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.
Law Dictionary. obsolescence. Legal Definition of obsolescence. : a loss in the utility or value of property that results over time from intrinsic limitations (as outmoded facilities) or external circumstances Editor's note: Obsolescence is usually distinguished from depreciation and physical deterioration.