"Mutually exclusive" refers to a situation where two or more events cannot occur at the same time. For example, when flipping a coin, the outcomes of landing on heads or tails are mutually exclusive because if the coin shows one side, it cannot show the other simultaneously. In statistics, mutually exclusive events are important for calculating probabilities. If you have two events, A and B, the probability of either event occurring is the sum of their individual probabilities. This concept helps in understanding scenarios in various fields, including gambling, decision-making, and risk assessment.