outlook vs possibility

outlook and possibility both are nouns.

Word	Noun	Adjective	Verb	Adverb
outlook	Yes	No	No	No
possibility	Yes	No	No	No

As nouns, possibility is a hyponym of outlook; that is, possibility is a word with a more specific, narrower meaning than outlook:

Other hyponyms of outlook include hope, promise, foretaste, anticipation, expectancy, apprehension, misgiving.

outlook (noun)	possibility (noun)
the act of looking out	a tentative insight into the natural world; a concept that is not yet verified but that if true would explain certain facts or phenomena
belief about (or mental picture of) the future	a possible alternative
a habitual or characteristic mental attitude that determines how you will interpret and respond to situations	a future prospect or potential
	capability of existing or happening or being true