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 A reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.The term is commonly used in real estate, but has a wide application.Next Up. reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.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.
Chapter 4. A classification of property investment depreciation and obsolescence. 1. Depreciation and obsolescence. The literature review described in Chapter 3 is dominated by non- academic and non-theoretical. references to depreciation and obsolescence. There is no discernible development in UK works of.