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Absolute and Relative Errors

In words, the absolute error is the magnitude of the difference between the exact value and the approximation.

The relative error is the absolute error divided by the magnitude of the exact value. The percent error is the relative error expressed in terms of per 100.

Also note:

The difference between the approximate value of the binary representation of a number (i.e. the number that you are able to store) and the original value of the number is called absolute error. When calculating absolute errors, the result is always a positive number.