Key factors include the project's requirements, the language's performance, its popularity and community support, ease of learning, and compatibility with existing systems.

Performance can be assessed based on execution speed, resource utilization, scalability, and efficiency in handling various tasks.

Python offers simplicity and readability, a large standard library, strong community support, and versatility suitable for web development, data analysis, artificial intelligence, and more.

Consider factors like project scope, target platform, developer expertise, available libraries and frameworks, performance requirements, and maintainability.