tactics are a mix of what to do.
sea room (i.e. is there lots of room to leeward)
Boat design - if on a drogue
will the aft end of the boat take the strain/shock/water ingress.
which way you are headed.
crew size and condition.
What sort of weather is headed your way.
Thus: Sea room. Do you need to anchor
your boat, or can you run slowly before the wind
Boat design - is the boat designed or strengthened to take the loads on mooring
bits imposed by drougue or parachute. Will the boat lie to either without swinging around. will the stern lift
up over a breaking wave, will the cockpit
drain quickly enough, will the patio door withstand the shock of several tons of water
knocking at the door. are the windows up forward strong enough, or do you need storm shutters to go over them.
Which way are you headed - if you are going downwind anyway, then the drogue
makes a great deal of sense (particularly the jordan series drogue). However, if you have spent the last fortnight clawing your way upwind, a parachute may make better sense.
Experience/crew size/condition - fairly self explanatory. suffice to say that getting the drogue or parachute deployed earlier means it is easier. If you have left it too late, deploying a drogue is simpler and safer as you will not have to go forward (but you should really have rigged it earlier so that all you had to do was throw it overboard
.from the cockpit).
What sort of weather is headed your way - if you are in the dangerous sector of a hurricane
, attempting to get to a less dangerous sector or move sideways away from its path is a better option tahn throwing out the parachute and praying.
Maxing out discusses all these at length.
Heavy Weather Sailing gives some good stuff.
Jordans series drogue website, and the US Coastguard study are worth a read
the parachute anchor sites normally give some good details as well.