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 A reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.The term is commonly used in real estate, but has a wide application.Next Up. reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.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.
of or pertaining to a function or functions: functional difficulties in the administration. capable of operating or functioning: When will the ventilating system be functional again? having or serving a utilitarian purpose; capable of serving the purpose for which it was designed: functional architecture; a chair that is functional as well as decorative. Architecture, Furniture Also, funcâ²tionâ¢alâ¢isâ²tic. (of a building or furnishing) constructed or made according to the principles of functionalism or primarily as a direct fulfillment of a material need.