The sensitivity of the model of electronic-vibrational kinetics of O2 and O3 photolysis [V.A. Yankovsky and R.O. Manuilova, Atmos. Oceanic Opt. 16, No. 7, 536-540 (2003)] to variations of basic components of mesosphere and lower thermosphere and to reaction rate constants has been studied both in the direct problem of calculation of vertical concentration profiles of O2(b1∑+,g, v = 0÷2) and O2(а1Δg, v = 0÷5) and in the inverse problem of vertical O3 profile retrieval from the intensities of emissions of Аtm (0-0) (762 nm) and IR Atm (0-0) (1.27 μm) O2 bands. The interrelation is shown between the error of calculations of vertical concentration profiles of О2(b1∑+,g, v = 0÷2) and О2(а1Δg, v = 0÷5), recovered vertical O3 profile, and other output model parameters with the factors of model sensitivity to input parameters and their fractional errors. Groups of key atmospheric parameters and aeronomic reactions for each task have been specified. Significant dependence of vertical O3 profile retrieval from the Atm (0-0) O2 emission intensity on CO2 concentration profile at altitudes from 65 to 90 km has been established.