As above, the lattice approach is particularly useful in valuing American options, where the choice whether to exercise the option early, or to hold the option, may be modeled at each discrete time/price combination; this is true also for Bermudan options. For similar reasons, real options and employee stock options are often modeled using a lattice framework, though with modified assumptions. In each of these cases, a third step is to determine whether the option is to be exercised or held, and to then apply this value at the node in question. Some exotic options, such as barrier options, are also easily modeled here; for other Path-Dependent Options, simulation would be preferred.