The magnitude of any number is usually called its "absolute value" or "modulus", denoted by. | x. | .
In physics, speed is a pure scalar, or something with a magnitude but no direction --such as 5 m/s. Here the magnitude is 5 .
5 meters per second does not tell us which way the object is moving. It gives us no clue about the direction. All that we know from the speed is the magnitude of the movement. On the other hand, velocity, in Physics, must be expressed as a vector with both a magnitude and a direction. For instance, 5 m/s Eastward is a velocity because it tells you the magnitude of the movement, 5 meters per second, as well as the direction which is Eastward.