Obsolescence

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obsolescence

[‚äb·sə′les·əns]
(engineering)
Decreasing value of functional and physical assets or value of a product or facility from technological changes rather than deterioration.

Obsolescence

A loss in value due to a decrease in the usefulness of property caused by decay, changes in technology, people’s behavioral patterns and tastes, or environmental changes. Items or buildings that become out of date or practice and fall into disuse; also impairment of a building resulting from a change in the design or from external influences which tend to make the property less desirable for continued use.