Final answer:
When the decision to accept or reject one project does not affect any other project, the project is said to be mutually exclusive. Mutually exclusive projects are independent of each other.
Step-by-step explanation:
When the decision to accept or reject one project does not affect the decision to accept or reject any other project, the project is said to be mutually exclusive. Mutually exclusive projects are independent of each other and the outcome of one project does not impact the outcome of any other project.
For example, if a company is considering two investment projects, Project A and Project B, and choosing to accept Project A does not influence the decision to accept or reject Project B, then these projects are mutually exclusive.
In the given scenario, when events are described as mutually exclusive, it means that the events cannot occur simultaneously. If events A and B are mutually exclusive, the probability of both A and B occurring at the same time is zero. However, the decision to accept or reject one event does not affect the probability of the other event occurring, making the events independent.