Calculated measures can be used to create time intelligence calculations, such as year-to-date or rolling average, as they are evaluated within the context of the visualization. Calculated columns cannot perform such calculations.

Calculated measures are preferable when working with large datasets as they are computed on the fly and don't consume memory or storage. Calculated columns, on the other hand, are computed during data refresh and can increase the size of the data model.

Calculated measures provide more flexibility as they can be used in multiple visualizations and can aggregate data dynamically. Calculated columns can only be used in the context of the table they are created in.

Calculated measures are ideal for performing complex calculations that involve aggregations, ratios, or comparisons across different dimensions. Calculated columns are best suited for simple calculations or creating new categorical values based on existing columns.