Not only are the answer totally dependant on the application.

But it isn't even easy to write a FAQ. The number of parameters to consider is vast, and a FAQ reader (of which there are very few) will need the knowledge to walk through all the alternatives and try to narrow down what is best.

It is almost impossible to make a flow-chart for selecting different alternatives. That is why it is better when the OP supplies a lot of information, allowing use of the experience of other members. Just going cook book-style will often lead to sub-optimal solutions. For a school project, that is normally fine. It's enough to have a working solution. But, alas, you may be locked to a fixed - and not suitable - processor.

In real life, you have more things to consider. Component cost, long-term availability, mplementation cost in relation to hw cost, time to market, ...