My yardstick is complicated and simple at the same time. Simple because I only pull the trigger when I'm sure that I will hit what I'm aiming at. Complicated because there are a lot of variables that go into making that decision.
Bullet construction is only one item in the long list of things to consider. I use a bullet that I'm sure will kill the animal that I am hunting. I make that decision long before I go into the field so I never think about it when hunting. For elk I use a 180 grain Nosler Partition because I know that works.
I also use a rifle that I'm sure will do the job. That decision is also made long before I go into the field and it includes lots of practice. So that's another item that I don't have to think about when hunting. For elk I use a T/C Icon Weathershield 30-06.
Other things that I consider automatically include:
Range to the target,
Rifle Rest - is my rifle stable?
Wind - specially a cross wind,
My Breathing Rate,
Target Activity,
Visibility - can I see well enough to make clean kill,
Backstop - what's behind the target?
I shot one elk at a range so far that the range finder couldn't get a fix on a solid reflective target. I estimated it at about 500 yards because reflective targets near and in front of him were recording ranges around 450 yards. I shot twice and hit him twice after watching him graze for about 15 minutes. It took that long for me to dope it out.
BTW I know a young lady (20 something) that has killed 6 elk using 115 grain Nosler Partitions in a 25-06. She's not very big so bigger calibers present a recoil challenge to her. She just makes sure that she hits the animal in the right place. Like you said "shot placement is the most important aspect."
KC