You should prefer to use the MapPath() method of the Server object instead of hard coding the complete literal paths in ASP applications. The MapPath() method allows you to physically relocate an ASP application without recoding your scripts. This technique saves you the effort of having to modify and maintain your program.
You will have to take a slight performance hit when you start using this method, because every time you use MapPath in a script, the Web server (IIS) must retrieve the current server path. However, you can always cache the value of the method call in an application-wide variable to avoid retrieving the server path.