Given a finite set of points in R3, polyhedronization deals with constructing a simple polyhedron such that the vertices of the polyhedron are precisely the given points. In this paper, we present randomized approximation algorithms for minimal volume polyhedronization (MINVP) and maximal volume polyhedronization (MAXVP) of three dimensional point sets in general position. Both, MINVP and MAXVP, problems have been shown to be NP-hard and to the best of our knowledge, no practical algorithms exist to solve these problems. It has been shown that for any point set S in R3, there always exists a tetrahedralizable polyhedronization of S. We exploit this fact to develop a greedy heuristic for MINVP and MAXVP constructions. Further, we present an empirical analysis on the quality of the approximation results of some well defined point sets. The algorithms have been validated by comparing the results with the optimal results generated by an exhaustive searching (brute force) method for MINVP and MAXVP for some well chosen point sets of smaller sizes. Finally, potential applications of minimum and maximum volume polyhedra in 4D printing and surface lofting, respectively, have been discussed. © 2015 by ASME.