The MAODE has no exams, it is all done through assignments. The MBA module I am doing, 'Creativity, Innovation & Change' has three two TMAs and ECA and an exam. The exam is the clincher.
An exam obliges you to do things in a very different way. You not only have to be able to tap into your memory banks, but you need to be able to drill deep enough for substance and then wrap this around the exam questions.
With a TMA all you have to do is wrap what you can pick out of the course books, notes and resources (on the basis that you have read the materials and know where it all is).
Surely as a form of assessment the exam is a crucial form of judging how mauch a person has taken in? Whether they have engaged extensively, iteratively and collaboratively with their student cohort and tutor during the module or whether they have confined themselves to a room with the resources and picked their way through them (or a bit of both).
In addition to the exam and assignment I rather like the idea of the viva, though I have never faced one. This suits my mind set and probably my way of learning, I like to hear what I have to say and respond to others. And I write the way I think, as stream of consciousness.