I do this for everything that has a specific meaning and is longer than one character, mainly to save input:
\newcommand{\objId}{\mbox{$\mathit{objId}$}\xspace} \newcommand{\insOp}[1]{
However, then I noticed that I stopped making mismatch errors (objId vs ObjId vs ObjID), so I agree that this is a good idea.
However, I'm not sure if this is a good idea if the characters in the output are Latin characters, for example:
\newcommand{\numOfObjs}{$n$}
It is too easy to enter one character and forget about it, even if a command has been defined for it.
EDIT: using your IMHO example, it would be nice to define \permeability , because it is more than one P that you must enter without a command. But this is a close call.
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