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 A reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.The term is commonly used in real estate, but has a wide application.Next Up. reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.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.
A function model or functional model in systems engineering and software engineering is a structured representation of the functions (activities, actions, processes, operations) within the modeled system or subject area. Example of a function model of the process of Maintain Reparable Spares in IDEF0 notation.