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 A reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.The term is commonly used in real estate, but has a wide application.Next Up. reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.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.
(C16: from Latin obsoletus worn out, past participle of obsolere (unattested), from ob- opposite to + solere to be used) â¦ obsoletely adv. â¦ obsoleteness n. The word obsoleteness is hardly ever used, obsolescence standing as the noun form for both obsolete and obsolescent.