Fixed-width multipliers have two n-bits operands and produce an approximate n-bits results for their product. These multipliers discard part of the partial products matrix, to reduce hardware cost, and employ extra correction functions to reduce approximation error. While previous papers mainly focus on average error metrics (like mean-square error), we present an in-depth analysis of the maximum absolute error (MAE) of these circuits. The MAE is the main parameter to be considered in important applications, like function evaluation. We describe an efficient numerical method to compute the MAE in fixed-width multipliers and fixed-width multiplier-accumulator (MAC) circuits. Further we present a technique to compute a compensation function, tha...