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In probability theory and quantitative analysis, events are used to represent possible outcomes of an experiment or situations that may occur in decision-making. Two important concepts are mutually exclusive events and collectively exhaustive events. These concepts are particularly useful in managerial applications because they help managers classify possible outcomes, estimate probabilities, assess risks, and make rational decisions under uncertainty. Mutually exclusive events are events that cannot occur at the same time in a single trial or situation. If the occurrence of one event prevents the occurrence of another event, the events are said to be mutually exclusive. Mathematically, for two events A and B, mutually exclusive events ____ ____ ____ _____ _________ _________ _________ _________ ______.
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