While reading some questions/answers on this site, I came across this answer from Scott Seidman and I found it interesting.
So, work out your noise budget, figure out how many bits you need, and do what you need to get them. Try to remember that an engineer who consistently exceeds specs instead of meeting them is wasting time and money.
How do you create a noise budget, and when you have one or are given one, how do you use that to determine what components you would need (opamps, adcs etc..) ?
For instance, if you are given a noise budget, how would you determine how many bits you need for an ADC ?
edit Original link ratiometric ADC, is it feasible to separate reference voltage and excitation voltage by an amplifier