What are the ways tablespaces can be managed and how do they
differ?

Answer Posted / ram

tablespaces can be managed in 2 ways 1) Dictionary Managed
2) Locally managed

in DMT data dictionary tables stores the information of free and used extents, for used extents information in dmt tablespace uses sys.uet$ view and free extents information in DMT tablespace stored in sys.fet$

in LMT tablespace, tablespace datafiles maintains own bitmaps @ datafile headers these store the used extents and free extents information.

LMT is preferable, because it won't generate any rollbacks,
dictionary contention is reduced, space wastage removed & fragmentation removed

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