To access popular .NET types faster, PowerShell maintains a list of shortcuts called "type accelerators". That's why you can use the term "XML" for XML data instead of having to always write "System.Xml.XmlDocument":
The list of type accelerators can be extended, so if you have additional .NET types that you use often, you can add them to that list.
This line adds a new type accelerator called "Path" that refers to the type "System.IO.Path":
You can now access all the highly useful static methods in that type very easily:
Note that type accelerators are just for your convenience. You can always use the full type name instead, too:
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Feb 12 2013, 06:00 AM