How exactly do animation studios decide which works to adapt?

I've always been curious: why do some super popular manga take so long to get an anime adaptation, while some obscure works get one instead?<br><br>I'd like to ask those who understand the industry:<br>1. What is the operational model of a production committee?<br>2. Is manga sales volume the most important factor?<br>3. What is the relationship between publishers and animation studios?<br>4. Why do some works get very popular, yet a second season remains nowhere in sight?<br><br>I hope those with industry knowledge can provide some insight.