The condition number is an application of the derivative, and is formally defined as the value of the asymptotic worst-case relative change in output for a relative change in input. The `function` is the solution of a problem and the `arguments` are the data in the problem. The condition number is frequently applied to questions in linear alge...
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http://en.wikipedia.org/wiki/Condition_number
A measure of how close a matrix is to being singular. Relevant in estimation if the matrix of regressors is nearly singular the data are nearly collinear and (a) it will be hard to make an accurate or precise inverse, (b) a linear regression will have large standard errors. The condition number is computed from the characteristic roots or eigenvalu...
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http://www.econterms.com/glossary.cgi?query=condition+number
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