Our research paper is based on the lap time optimization of an F1 car in a race. We have achieved this with the use of various Operations Research techniques. In order to explain how the overall lap time is forecasted and optimized, the Monte Carlo Simulation method has been used. The Hungarian Assignment Problem helped us determine the most efficient allocation of a pit crew in a pit stop in a race to get the lowest possible pit stop time. Game Theory is used in order to understand the mindset of a driver driving wheel-to-wheel on every chicane. We have also dealt with the Decision Theory to gain insights on the choice of tyres made by teams on a race weekend. Many smaller variables, such as lap time variations, affect the outcome of a race. As a result, if a potentially winning strategy is to be devised, these occurrences and influences should be modelled within the race simulation. Using these OR techniques we have formulated a way in which we can optimise the race time from different race situations