The "Real Time rendering" is different from traditional Rendering Techniques :the settings are studied and optimized so that the rendering is just "instantaneous".
It is a technique used in video games, and in many interactive artistic and scenographic installations: for example, when the luminous lines that appear to the spectator will follow through a series of sensors its movement, or when an actor's movements are meant to move a synthetic character on the screen, or you want to simulate a digital "pond", in which every time a visitor rests his foot on it will propragate concentric waves.
Wirewall by Aaron Sherwood: an example of an artistic installation that uses a visual rappresantazione in real time: The images respond to the visitor's movement.