USING NOTICE PERIOD IN TERMINATION

In Oracle HRMS,--> People-->Enter & Maintain window-->On employee assignment window, there is an option for feeling Probation and Notice period details. My concern, is if notice period for an employee on hiring is given as say 3 months. On termination of this employee assignment record, can this notice period be used to project Actual Termination Date?. If not, what is the purpose of capturing Notice period on employee assignment?.