In what kind of calculations do we need larger accurate values of pi and what hapeen if i just take the value as 3.14
If the result of your calculation with pi is usd in another calculation and that is used in another calculation and that is used in yet another calculation ... etc. rounding errors can build up rapidly, possibly leading to a nonsensical final answer.
Of course, you rarely come across this problem in school level calculations, but in real, industrial, engineering design calculations, for example, this can often be the case. More digits of pi (and other constants and variables) then need to be carried through the calculations so that rounding errors are kept very small.
.