Research all image file types and explain the major differences and option 

JPEG File
In computing JPEG is a commonly method of lossy compression of digital photography (image)
http://en.wikipedia.org/wiki/JPEG
















GIF File
GIF file format commonly used for graphics presented on websites. GIFs can contain maximum of 256 colors, and are therefore best of images that contain simple shapes, a limited color palette, text and other elements as opposed to photos. GIF stands for Graphics Interchange Format.
GIF Files have the file extension .gif. GIF files are compressed using "lossless"  compression, meaning image quality is not sacrificed as file reduces. However, if you save images with many colors GIF files with a limited  color palette you will notice a reduction in quality. This is most obvious in photos.
Unlike JPG files, GIF files support transparent backgrounds. This allows GIF files to blend with website background colors. However, since pixels can only be 100% transparent or 100% opaque, you cannot use them for partial transparency, drop shadows, and similar effects. To achieve that, PNG files are best.





http://graphicdesign.about.com/od/Definitions/g/Gif-Files.htm

BMP File

BMP is one of a number of file formats used to store digital images. The bmp format was developed by Microsoft for Windows and all programs created for use in the Windows environment will recognize .bmp image files. The BMP file is a bitmap file which produces images from hundreds of small pixels of color. Little dots of different colors when combined together will produce the image which can easily be loaded from most web sites.
BMP files can be quite large and are not always practical for home use. The file will offer great detail because of its size but images saved in this format can quickly eat up a hard drives space. The typical uncompressed BMP file is ten times the size of a similar JPEG file which is compressed to make the image easier to store or transmit over the internet. If you are scanning photographs, JPEG is a much better choice than BMP for storage.














PNG File
Portable Network Graphics  is a bitmapped image format that employs lossless data compression PNG was created to improve upon and replace GIF (Graphics Interchange Format) as an image-file format not requiring a patent license.
PNG supports palette-based images (with palettes of 24-bit RGB or 32-bit RGBA colors), grayscale  images (with or without alpha channel), and full-color non-palette-based RGB[A] images (with or without alpha channel). PNG was designed for transferring images on the Internet, not for professional-quality print graphics, and therefore does not support non-RGB color spaces  such as CMYK.
PNG files nearly always use file extension PNG or png and are assigned MIME media type image/png; it was approved for this use by the Internet Engineering Steering Group on 14 October 1996. PNG was published as an ISO/IEC standard in 2004.












http://en.wikipedia.org/wiki/Portable_Network_Graphics

TIFF File
TIFF is the short form of Tagged Image File Format . TIFF was developed by the Aldus Corporation in collaboration with various other contributors in 1986. It is a bitmapped image format that supports various resolutions. A TIFF file contains descriptive information about the image. A TIFF file is identified by a .tiff or a .tif file extension.
TIFF file formats are used for storing very large, high quality images. TIFF is the favored image format in many graphic applications. These include image manipulation programs, desktop publishing and 3-D imaging applications. Other applications that use TIFF is optical recognition software and scanning and faxing applications. A TIFF version called GeoTIFF is used to store geo-referenced raster imagery.
A TIFF file can have a maximum size of 4GB. This file size limitation is one of the drawbacks of TIFF. To get around it and to exceed the size boundary, the creation of a new TIFF file format called the BigTIFF file format has been proposed.












http://www.wisegeek.com/what-is-a-tiff-file.htm

WMF File
Windows Metafile (WMF) is a graphics file format on Microsoft Windows  systems, originally designed in the 1990s. Windows Metafiles are intended to be portable between applications and may contain both vector graphics and bitmap components. It acts in a similar manner to SVG Files.
Essentially, a WMF file stores a list of function calls that have to be issued to the Windows Graphics  Device Interface  (GDI) layer to display an image on screen. Since some GDI functions accept pointers to callback functions  for error handling  , a WMF file may erroneously include executable code.


http://en.wikipedia.org/wiki/Windows_Metafile

EMF File
EMF is a file extension for Enhanced Metalfile  , a spool file format used in printing by the Windows operating system.
When a print job is sent to the printer , if it is already printing another file, the computer reads the new file and stores it, usually on the hard disk or in memory , for printing at a later time. EMF files may be created and reside in memory or disk space when windows caches them while waiting on another printing job. Spooling allows multiple print jobs to be given to the printer at one time.


http://whatis.techtarget.com/fileformat/EMF-Enhanced-Windows-Metafile