If we consider the length of a course and its different disciplines, I think a particular exam doesn't determine, in general, the fate and future of a student. Sometimes and in some disciplines, successive negative results may be very devastating to the student, but, on the other hand, those negative results are "buffered" by better results in other disciplines.
As to the second part of your question, the replacement of exams by other methods of assessment depends on different parameters, as the discipline contents, the number of students and the budget allocated to the University.
Other things being equal, if the material tested and the time allotted are well chosen, a set of exams will provide a reasonable indication of the student's knowledge, ability to work quickly, and ability to do so under pressure. Whether or not that's relevant to a student's fate or future depends on a number of factors, hence the "other things being equal" qualification. Obviously if the student is ill or has experienced some trauma, the exam(s) might not give a fair indication and should be rescheduled. But if the student, even if knowledgeable, is just slow or unable to function well under pressure, exams would determine his suitability for certain professions: certain people shouldn't become doctors or airtraffic controllers, although they might still make good medical supply brokers or airport administrators.
The exam is very important in this time to separate between good students and not good ones, and this point important in raising the level or ranking of college and university.
Yes, the examination is important to determine the variations between students to raise the level and the product of higher education and scientific research.
In pure and applied sciences programs, we cannot cancel the exams because we are measuring the performance of the student by his/her response and feedback to the scientific materials submitted to him/her. Therefore, I cannot use any other intellectual or attitudinal tools to do so. Instead, I recommend university teachers to prepare their questions - either at the course or final levels - in a format that can force the student to use all possible thinking, recalling, analyzing, comparing and concluding methods to find the right solution or give the positive feedback. Otherwise, exams are useless and just make a low barrier, which is easily crossed by few hours of recalling the most important and highlighted items from the total material submitted during the study program. As well, when the instructions of the official institution responsible for the Higher Education Sector induces to make the exams much easier for the students, this will definitely increase the need for cancelling these exams and transfer to some trivial style of assessment, which may not be suitable for all study programs.
No, Mark's are not always the only reliable criterion by which the progress of students are evaluated. Participation in class discussion, ither class activities can also determine how much material the students have understood.
I think exams help establish if the basic theory has been learnt early in the course.
But towards the end of the course, one should be testing the application of the theory in a simulated situation or supervised real situation.
The ultimate test is whether the graduate can function effectively in the targeted profession and that we need a test that can reasonably predict this ability.
So, I prefer practical assessments of specific defined skills...
I think the most important matter is: how to evaluate and measure the efforts of students taking the whole academic environment under consideration which is discussed widely until now. The exam can reflect sometimes this evaluation but not always. There are some other indexes may be taken under interest, such as: attendance, participating and some activities inside or outside the classroom.
In my views degree is not sufficient for future. For example a person have a good score but can't work well in corresponding field. Some people have less scores but they are intelligent in practical field. These people are successful.
ACCOUNTANTS, DOCTORS, LAWYERS, ENGINEERS.... all have to take exams for their professional qualification. People who think exams are unfair are those who failed the exam.
POLITICIANS do have to take exams, look how they turn out in every country in the world?
This is a great question. Examinations despite their limitations, they are still useful in improving performance when followed with feedback (formative assessment), and continuing evaluation. Also, they help decide the progress of students to the next level (summative assessment). However, they are not the only hurdle. For example, in the postgraduate training in medicine, we have other barriers such as 360-degree evaluation, professional behaviour, and other tools.