Approximate computing environments trade off computational accuracy for improvements in performance, energy, and resiliency cost. For widespread adoption of approximate computing, a fundamental requirement is to understand how perturbations to a computation affect the outcome of the execution in terms of its output quality. This paper presents a framework for approximate computing, called Approxilyzer, that quantifies the quality impact of a single-bit error in all dynamic instructions of an execution with high accuracy (95% on average). We demonstrate two uses of Approxilyzer.