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The ever growing size of graph datasets makes the above question on graph summarization very pertinent. Although, there are several approaches, there does not exist a configurable graph summarization method that offers high compression along with support for multiple graph queries on the summary graph with high accuracy, and allows the user to configure the summarization based on: (1) lossless or lossy summarization, (2) amount of tolerable neighborhood loss, (3) the type of loss it can tolerate, in terms of false positive edges (i.e., extra edges), false negative edges (i.e., missing edges), or neither, in both the (a) reconstructed graph and the (b) query answers. 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