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 A reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.The term is commonly used in real estate, but has a wide application.Next Up. reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.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.
Functional Age. Functional age is defined as a combination of chronological, biological, and psychological ages. What is happening is, instead of focusing on one aspect at a time, we are summarizing them to create a more holistic picture of a person. Functional age would give you the clearest understanding of a person.