Approximation Error
The difference between an approximate value or solution and its exact counterpart.
Areas of application
- Numerical methods in computation
- Statistical modeling
- Engineering simulations
- Scientific computations
- Financial forecasting
- Image processing
- Signal processing
Example
For instance, if we use a numerical method to approximate the area of a circle, the approximation error may arise due to the limited precision of the numerical method, leading to a slight underestimation of the actual area.