There are four failure modes that need to be evaluated:
1) Plastic Collapse
2) Local Failure
3) Buckling Collapse
4) Fatigue
5) Ratcheting
For the Plastic Collapse failure mode, it is permissible to use any of the three methods presented: elastic, limit load, and elastic-plastic.
For Local Failure (unless you can exempt yourself by applying 5.3.1.1), it is permissible to use either of the two methods presented: elastic, and elastic-plastic.
For Buckling Collapse, it is permissible to use one of the three types: bifurcation analysis (elastic buckling), bifurcation analysis (elastic buckling) with pre-stress from an elastic-plastic analysis, or elastic-plastic analysis.
For Fatigue, it is permissible to use one of the two methods presented: elastic or elastic-plastic (except for checking welds, in which case you must use the elastic analysis method applying either the FSRF method or the structural stress method).
For Ratcheting, it is permissible to use one of the two method presented: elastic or elastic-plastic. However, the elastic-plastic requires the use of an elastic-perfectly-plastic stress-strain curve.
Stress Categorization
The three basic equivalent stress categories and associated limits that are to be satisfied for plastic collapse are defined below. The terms general primary membrane stress, local primary membrane stress, primary bending stress, secondary stress, and peak stress used for elastic analysis are defined.
In ASME, the safety margin for the stress categories is about 1.5 to 2 on stress level. In addition, the actual material property has strain hardening and it is concluded that the safety margin is 2.0 for all stress categories.