"Events & Notifications" in PeopleSoft Enterprise Components

HI All We are on tools 8.51 HCM 9.1

I would like to know what is the true purpose of Events & Notifications, specially Notifications. Main Menu > Enterprise Components > Events & Notifications

From what I understand and based on what info I have found Events are:

The Event & Notifications is a feature and framework that enables you to define, implement, and run business logic for business events.  If an event is raised, the Event Manager framework automatically executes the business logic for the registered event handlers of the event. So if based on what I understand:

For example, updating a military rank will update the military information in the Manage Profiles business process.  You can integrate Manage Profiles with Job Data using the Events, so that when a person's rank is updated in Job Data, the profile is automatically updated.