The condition of being antiquated, old fashioned, or out of date, resulting when there is a change in the requirements or expectations regarding the shelter, comfort, profitability, or other dimension of performance that a facility or subsystem is expected to provide Obsolescence may occur because of functional, economic, technical, or social and cultural change
The loss of value due to factors that are outmoded or less useful Obsolescence may be functional or economic
Condition in which, because of new inventions and improvements, a plant asset can no longer be used to produce goods or services with a competitive advantage (See (p 336))
The decrease in the value of your assets over time due to newer technologies This factor is used to determine the amount of depreciation in determining the actual cash value of your damaged property
The final phase in a system's life cycle when the system is retired from use and taken off the market At Hewlett-Packard, an obsolescence plan documents the support activities guaranteed for up to 10 years following obsolescence
Impairment of desirability and usefulness brought about by changes in public preference or by forces in addition to those which cause deterioration Functional obsolescence refers to impairment of functional capacity or efficiency Economic obsolescence refers to impairment of desirability or utility arising from economic forces such as changes in highest and best land use, legislative enactments which restrict or impair property rights, and changes in supply demand relationships
A loss in value of real property caused by changes either internal for external to the property See Economic Obsolescence, Functional Obsolescence, and Physical Deterioration
(Ticaret) The degradation in the value and usefulness of a resource based on its age, replacement by newer technology, lack of demand or other factor that may require a partial or total writeoff of its currently-stated value
A loss in value due to reduced desirability and usefulness of a structure because its design and construction has become obsolete; loss due to a structure's becoming old-fashioned, not in keeping with modern needs, with consequence loss of income
Loss in value due to reduced desirability and usefulness of a structure because it has become old fashioned and not in keeping with modern needs or because of adverse social or economic influences
the process of becoming obsolete; falling into disuse or becoming out of date; "a policy of planned obsolescence"
Loss in value because a homes design and construction have become obsolete
Loss in the usefulness of a product or system because of the development of an improved or superior way of achieving the same goal