You don't have to build it right? Because that's very hard and expensive since you need such fast circuitry.
The maximum range of the sensor usually determines the method used. Triangulation cheaper and easier is close range. Time of flight is long range (the lower the minimum distance the faster the circuitry must be, so it's possible but gets hard). I am not quite sure how phase shift works.
That's where to start. Try not to turn this into a do the project for me thread- we don't take too kindly to those.