Remember, mutually exclusive events cannot occur simultaneously in the same experiment. The person is either an adult or not an adult, no in between. If the company pursues A, it cannot also afford to pursue B and vice versa. In other words, mutually exclusive events are called disjoint events. This is a prediction of what may happen and not a value that is a certainty. Conversely, in independent events, occurrence of one event will have no influence on the occurrence of the other. Equally likely & Mutually Exclusive are distinct characteristics The event characteristics equally likely and mutually exclusive are independent of each other. All rights reserved.Earn Transferable Credit & Get your Degree,Get access to this video and our entire Q&A library.If A and B are independent, then: A. P(A | B) =...For the next two multiple choice problems consider...You have two alarm clocks. For an event A and B, you would have [math]A \cap B = \varnothing[/math] (where [math]\varnothing[/math] is the null set or empty set). Similarly, when you roll a six-sided dice, there are six mutually exclusive events. The probability of the empty set is zero; therefore, the event that both G and H occur is impossible.This means that G and H are mutually exclusive.. How to Identify Independent Events. Author has 2.5K answers and 3.7M answer views Mutually exclusive events are two events that cannot take place at the same time (e.g. Because option A is the most lucrative option, the opportunity cost of going for option A is $0.The offers that appear in this table are from partnerships from which Investopedia receives compensation.The addition rule for probabilities is the probability for either of two mutually exclusive events or two non-mutually events happening.Opportunity cost is the potential loss owed to a missed opportunity, often because somebody chooses A over B, the possible benefit from B is foregone in favor of A.A cost-benefit analysis is a process used to measure the benefits of a decision or taking action minus the costs associated with taking that action.An employee stock option (ESO) is a grant to an employee giving the right to buy a certain number of shares in the company's stock for a set price.The internal rate of return (IRR) is a metric used in capital budgeting to estimate the return of potential investments.Capital budgeting is a process a business uses to evaluate potential major projects or investments. Take, for example, the difference between mutually exclusive and independent events. Independent Events. The acceptance of either A or B does not impact the viability of C, and the acceptance of C does not impact the viability of either of the other projects.Moreover, when looking at opportunity costs, consider the analysis of Projects A and B. Project C may be considered independent. The probability of an event is a calculated value that indicates the likelihood of something happening. Regardless of which other project is pursued, the company can still afford to pursue C as well. In probability theory the probability of seeing any of these events is the same as the sum of the probabilities of seing them individually. This probability is calculated by dividing the number of favorable outcomes by the number of total possible outcomes. Also, they may or may not be equally likely. when talking of events, they can't happen at the same time. An outcome is the result of an experiment. What is the likelihood or chance of an event happening? Equally likely events are events that have the same mathematical probability as each other. These are those events which are random and have thus an equal likelihood of occurrence. Remember, mutually exclusive events cannot occur simultaneously in the same experiment. You cannot roll both a five and a three simultaneously on a single die.When faced with a choice between mutually exclusive options, a company must consider the,The concept of mutual exclusivity is often applied in.For example, assume a company has a budget of $50,000 for expansion projects. Mutually exclusive events and independent events: Probability is a concept that is a huge part of statistics. Mutually exclusive events are events that can't both happen, but should not be considered independent events. When all of these calculated probabilities are added together, the sum will equal 1.Mutually exclusive events and independent events:Probability is a concept that is a huge part of statistics.