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 A reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.The term is commonly used in real estate, but has a wide application.Next Up. reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.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.
In software engineering (and systems engineering), a functional requirement defines a function of a system and its components. typical functional requirement will contain a unique name and number, a brief summary, and a rationale. This information is used to help the reader understand why the requirement is needed, and to track the requirement through the development of the system.