This paper provides an extensive review of commonly used Problem Structuring Methods (PSMs) and studies their possible applications for understanding the challenges faced by slum dwellers living in informal settlements across cities in India. The study highlights the role of PSMs as a group of analytical methods for identifying the problems faced by poor and vulnerable populations and looks for possible solutions to increase their efficiency. Subsequently, the paper describes and compares commonly used PSMs such as Soft Systems Methodology, Strategic Options Development and Analysis, Strategic Choice Approach, Robustness Analysis, and Value-Focused Thinking. The paper finally draws attention to the nature of challenges involved in the application of PSMs for slum dwellers which is different from its typical application involving people in managerial positions across organizations who generally are domain experts in their fields.