obsolescence - Business Definition
obsolescence - Cultural Definition
A decline in the value of equipment or of a product brought about by an introduction of new technology or by changes in demand. (See planned obsolescence.)
obsolescence - Investment & Finance Definition
The process of becoming out of date. It is one of the underlying concepts of depreciation, because obsolescence limits the useful life of an asset.Webster's New World Finance and Investment Dictionary Copyright © 2010 by Wiley Publishing, Inc., Indianapolis, Indiana. Used by arrangement with John Wiley & Sons, Inc.
obsolescence - Legal Definition
- A process or condition of becoming useless or obsolete.
- A diminishing of a property’s value or usefulness, especially because of innovations in technology, as distinguished from physical decay. See also depreciation.
Variant of obsolescent
Origin: Classical Latin obsolescens