Three approaches to the problem of 1-D wave propagation in media with random elastic and mass properties are studied: (i) method of integral spectral decomposition, (ii) Fokker-Planck-Kolmogorov equation and (iii) the Dyson integral equation. Merits and shortcomings of each approach are discussed. It is shown that the approaches cover actually all possible problems of the harmonic wave propagation in heterogeneous or stochastic media, hence, by means of a preliminary analysis of a particular problem and bearing in mind the strong and weak sides of each approach, one can choose an appropriate solution strategy.