The correct spelling of the word is "possible," pronounced as /ˈpɑːsəb(ə)l/. The initial "p" is followed by the long "o" sound represented by "o," then the consonant blend "si," and ending with a schwa sound represented by "ble." The incorrect spelling "passibl" may occur due to a typographical error or a lack of knowledge about the correct spelling of the word. It is important to use the correct spelling of words to ensure effective communication and avoid misunderstandings.