Per cent error lets you see how far off you are in estimating the value of something from its exact value. As a real-world example, if you look at a gumball machine and make an estimate of how many gumballs are there and then you actually go ahead and calculate the number of gumballs, then you will be able to measure the per cent error you made in your guess.
It is calculated as the percentage of the exact value. In scientific experiments, it is used to report the difference between the experimental value to its true or exact value. As the name suggests, per cent error is the difference between the exact or known value of something and its approximate or measured value, in percentage form.
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