Azure Monitor is the central service that includes capabilities for collecting, analyzing, and acting on telemetry from both cloud and on-premises environments. It provides advanced analytics through log queries and has the capacity for setting up alerts, making it the ideal choice for tracking application performance and availability. Azure Service Health is used for tracking the health of Azure services, not specific application performance. Azure Advisor provides personalized recommendations to optimize Azure deployments, rather than real-time analytics. Azure Arc is designed to extend Azure services to on-premises, multi-cloud, and edge devices rather than serving as a dedicated monitoring tool.