write 200 words on your thought of this discussion Please also comment on the examples provided in your responses.

Mutually exclusive events cannot occur simultaneously. These are independent events who have no impact on the viability of other options. Mutually exclusive events areused to describe a situation where the occurrence of one event is not influenced or caused by another event. When a company is faced with a mutually exclusive event, it needs to take into consideration the opportunity cost, both concepts are fundamentally connected. Each mutually exclusive option required the expense of whatever profits could have been made by selecting the alternate choice. An example of mutually exclusive events is flipping a coin. There are only two possibilities, heads or tails, both cannot occur simultaneously. If you are rolling a die you cannot get two numbers at the same time, the same goes for someone who has $500 and wants to buy $500 worth of stocks and invest $500 in a mutual fund, both events cannot occur at the same time.

Collectively exhaustive events in which at least one of the events must occur. All the possibilities can be listed, in the previous example of the coin toss, the collectively exhaustive is heads or tails. For the die example, the possibilities are 1, 2,3,4,5, and 6. At least one of these outcomes has to happen. We must take into consideration that the possibilities are independent because if you flip the coin twice and get the same outcome you cannot count them as a collective. Mutually exclusive is considered individually even though the collective group of events have commonalities or common elements. Collectively exhaustive events mean the collective/group of events is complete such that no event is left out or no other event can be added to the group of events. Additionally, to describe collectively exhaustive events, their union must cover all the events within the entire sample space.