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FM, BAdi, User exit

Folks

I had been trying to understand the way SAP had defined and differntiated Function modules, BAdi, User exits and below is my understanding.

Basic/standard functionality is provided in FM and non-standard functionality in BAdi and any other functionality that is not provided in both FM, BAdi can be implmented by using User Exits. Is this correct ?

Say, if I need to create and implement a user exit, whats the begining point ? Like do I need to identify a

FM or BAdi where I would be calling this exit ?

Further, what are Enhancement Projects & Enhancement Component? Should an user exit always be defined as a part of Enhancement Project & Component?

Thanks

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