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 A reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.The term is commonly used in real estate, but has a wide application.Next Up. reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.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.
Between part obsolescence and product obsolescence, part obsolescence needs more critical. attention as the root of obsolescence at any product level, is the obsolescence of a part. This paper reviews life cycle stages and then presents a methodology for forecasting the years to. obsolescence for electronic parts. The prediction of obsolescence enables engineers to more effectively. manage the introduction and on-going use of long field-life products based on the projected life cycle of the. parts.