Until yesterday, the project was just a possibility, but now it has become a real probability
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possibility: vagueness, just an idea which is difficult to quantify or schedule
probability: it's more solid, you can put numbers (and dollars) on it
The possible is what can happen, even if it is very unlikely to happen. Whether it is likely to happen or unlikely to happen, it is still possible -- still a possibility.
It is a possibility that the earth will be struck by an asteroid.
The probable is what not only can happen, but is very likely to happen. If it is very unlikely to happen, then it is not probable -- not a probability.
It is a probability that there will be ice in Hudson Bay this winter.

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If I am reading between the lines correctly, probability expresses a stronger likelihood than possibility, and that is all about their difference.

If something is possible it just means that it can happen

It is possible for me to complete this task in 10 minutes.

This means I can do the task in 10 minutes.

But if I decide I am not going to do so,

it is NOT probable that I will finish it in 10 minutes.

Thus, possibility is a measure of whether something CAN happen

while probability is a measure of whether something WILL happen

Warm regards

Rakhee, Bangalore.

Here's a very simple example. If I buty a lottery ticket, it's possible that I may win $100 million. But I probably won't. The probability is very low.

Best wishes, Clive
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probability expresses a stronger likelihood than possibility, and that is all about their difference.
In practical terms, yes. But technically, possibilities which are extremely probable do not lose their status as possibilities. They are both possible and probable. In fact, there is no such thing as an extremely probable event which is not simultaneously a possibility. It is both probable and possible that the sun will rise in the east tomorrow. Since probability subsumes possibility, we often say possible when we mean possible but not probable (the asteroid example), but that's just a sort of linguistic short-cut.

Possibility is a subset of probability- simple , Probability is more a super set.
The problem is in confusing the meaning of probability and probably. They are not different forms of the same word. Probability can be slight or great. Probably means very likely.
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