pi is the ratio of the circumference of a circle to its diameter. In other words, pi equals the circumference divided by the diameter (π = c/d). Conversely, the circumference is equal to pi times the diameter (c = πd). No matter how large or small a circle is, pi will always work out to be the same number.
Pi is an irrational number, which means that it is a real number with nonrepeating decimal expansion. It cannot be represented by an integer ratio and goes on forever, otherwise known as an infinite decimal. There is no exact value, seeing as the number does not end.