Ray Tracing Vs Radiosity

Ray tracing is an image-space algorithm, while radiosity is computed in object-space.

Ray Tracing : From Eye to Light

Radiosity : From Light to Surface : Complete solution

Ray Tracing : Pseudo View Dependent Solution

Ray Tracing : Specular reflection

Radiosity : Diffuse reflection

Because the solution is limited by the view, ray tracing is often said to provide a view-dependent solution, although this is somewhat misleading in that it implies that the radiance itself is dependent on the view, which is not the case. The term view-independent refers only to the use of the view to limit the set if locations and directions for which the radiance is computed.