How do you choose the right model from Azure ML Model Catalog?

Azure ML Model Catalog contains a large number of models (LLMs, vision models, embedding models, speech models, etc.), and I'm finding it difficult to understand how experienced practitioners decide which one to use.

What factors should be considered when selecting a model?

For example:

• Accuracy vs latency
• Cost of inference
• Context window
• Model size
• Fine-tuning support
• Hardware requirements (CPU/GPU)
• Licensing/commercial usage
• Multilingual capabilities
• Reasoning ability
• Benchmark scores

Is there a recommended evaluation process or checklist that teams follow before choosing a model for production?

I'd love to hear how others approach model selection in Azure ML.