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 A reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.The term is commonly used in real estate, but has a wide application.Next Up. reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.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.
senescence (usually uncountable, plural senescences) (biology) The state or process of ageing, especially in humans; old age. (cell biology) Ceasing to divide by mitosis because of shortening of telomeres or excessive DNA damage. (gerontology) Old age; accumulated damage to macromolecules, cells, tissues and organs with the passage of time. (botany) Fruit senescence, leading to ripening of fruit. (cytology, of a cell) Condition when the cell ceases to divide. Related terms . senescent; senesce; Translations