Floating Point Representation is a method used in computers to represent real numbers, allowing for a wide range of values. It breaks numbers into three parts: the sign (indicating positive or negative), the exponent (which scales the number), and the significand (the actual digits of the number). This format enables efficient storage and calculations for very large or very small numbers. In IEEE 754, a common standard for floating point representation, numbers are typically stored in 32 bits (single precision) or 64 bits (double precision). This structure allows computers to perform arithmetic operations on real numbers while maintaining a balance between range and precision, making it essential for scientific calculations and graphics processing.