DECIMAL DataType in MySQL

• In MySQL Workbench, the DECIMAL data type is used to store exact numeric values with a fixed-point representation. It is particularly useful for storing decimal numbers that require a high level of precision without the risk of rounding errors. The DECIMAL data type allows you to specify both the total number of digits (precision) and the number of digits to the right of the decimal point (scale). This level of control makes it ideal for financial and monetary values, where accuracy is crucial.

Let's explore the details of the DECIMAL data type:

• DECIMAL(p, s):
• Size: Variable, but generally 4 to 8 bytes depending on the specified precision (p).
• Precision (p): Represents the total number of digits (both to the left and right of the decimal point) that can be stored.
• Scale (s): Represents the number of digits to the right of the decimal point.
• Range: The DECIMAL data type can store exact numeric values with up to p digits of precision and s digits to the right of the decimal point.
• Usage: Use the DECIMAL data type when you need to store decimal numbers with high precision and you want to avoid rounding errors.

Example of creating a table with a DECIMAL column:

    CREATE TABLE example_table (

        id INT,

        price DECIMAL(10, 2)

    );

• In the example above, the "price" column is a DECIMAL column with a precision of 10 and a scale of 2. This means that the column can store decimal numbers with up to 10 digits in total, where 2 digits are reserved for the decimal part.

• The DECIMAL data type is commonly used for financial applications, such as storing monetary values, where it is essential to maintain exact precision. By specifying the precision and scale appropriately, you can handle both large and small monetary amounts without any loss of precision.

When using the DECIMAL data type, consider the following points:

• DECIMAL is ideal for situations where you need precise decimal representation and accurate calculations, as it avoids any approximation or rounding errors that may occur with floating-point types like FLOAT or DOUBLE.

• The storage space required by a DECIMAL column depends on the specified precision. The more significant the precision, the more storage space it will consume.

• Be mindful of the precision and scale you choose to avoid overestimating the required storage space.

• The DECIMAL data type provides excellent accuracy, making it suitable for financial calculations, such as storing prices, monetary values, or any situation where exact decimal representation is necessary. However, due to its potential storage requirements, it's essential to strike a balance between precision and storage efficiency when using the DECIMAL data type.