What is it?
with decreasing to 0 converges (Leibniz), and the error of stopping at term is at most the first omitted term — a free error bound.
Formulas
Where it shows up in computing
Summing alternating terms of large size cancels digits; evaluating by its series in floating point gives garbage.
Where is it used?
Computing topics reachable from here, through the chain of ideas that leads to them:
This page has the essentials. A fuller treatment (intuition, formal definition, worked example) is on the way.