There are a few basic considerations.
What material you are machining, aluminium and plastic like an uncoated sharp end mill with 2 or 3 flutes.
Steels work better with 4 or 5 flute with a good coating to protect the cutting edge.
The diameter of the tool comes into play with access and reach to be considered.
You must hold the shank of the tool to the tool holders manufacturing recommendations.
While many standard bits are made for regular drills, others are designed to fit in specific types of drills. For example, you can only use parallel shank bits in drills that have an adjustable chuck. You will not be able to use standard bits without a hex shank holder in an impact drill but you will be able to use them in standard drivers. In the case of SDS bits, you will only be able to use these in SDS drills.
A collet is a subtype of chuck that forms a collar around an object to be held and exerts a strong clamping force on the object when it is tightened, usually by means of a tapered outer collar. It may be used to hold a workpiece or a tool.
So what are the types of taps? There are 3 main taps you should be familiar with and they are: Taper, Plug, and Bottoming tap. The taper tap can be identified by the visible and pronounced tapering of the cutting edges. This provides a very gradual and less aggressive cutting action.
Carbide inserts have an exceptional resistance to abrasion. They have a high resistance to Catering and Thermal Deformations. Carbide inserts tools have a high wear resistance, enabling the user to use the tool at higher speeds and longer durations as compared to other materials.