There are many problems that can be solved using Dynamic programming e.g. Longest increasing subsequence. This problem can be solved by using 2 approaches
My question is which is better approach in terms of time and space complexity?
Short answer: it depends on the problem!
Memoization usually requires more code and is less straightforward, but has computational advantages in some problems, mainly those which you do not need to compute all the values for the whole matrix to reach the answer.
Tabulation is more straightforward, but may compute unnecessary values. If you do need to compute all the values, this method is usually faster, though, because of the smaller overhead.