Study on Truncation and Roundoff Errors in Numerical Methods

History is full of many examples where errors in numerical calculation have played important role or sometimes proved fatal also. (e.g. The Patriot and the Scud [6], The short flight of the Ariane 5 [7], The Vancouver Stock Exchange [8,9,10], Parliamentary elections in Schleswig-Holstein [11]). So in this paper we review two types of errors occurred while performing calculations: first is truncation error and second is round off error . Examples are given in support of the theory part.