CPU will give you faster response while RAM will help you in caching. Both are important but I'll give 2GB memory a try first if you want to make a choice b/w the two. Also depends on Virtualization technology. The CPU cores may not be 100% dedicated to the VPS. They may be shared vCPU.
Having said that 1500 visits are not that many to put on a VPS. A lightly loaded shared server that has plenty of CPU/RAM will serve it better.
VPS would be good if you (a) need some special configuration that is not available on shared server (b) need complete operating system/IP isolation from others.
Hmm a bit hard to say, but in a VPS RAM is a bit more important. however if you look at your RAM usage right now and gives numbers here would help you much better? and CPU load as well?
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You'll be allrigh with a basic VPS with 1Ghz CPU and 1Ghz RAM.
Does the website have a lot of pages / posts ? Is it a static site or a dynamic one? This can tip the scales towards more RAM or CPU is needed.
You said it's Wordpress in your opening post - that means it's dynamic.
I'd favour RAM over CPU in this situation. 1 GB of RAM is not a lot for a VPS - especially if you wanted to run cPanel on it. (You can squeeze a Wordpress site out of 128 MB of RAM, or even less - but only if you want the work and the sense of satisfaction for doing it).
Inadequate CPU -> things run slowly. Inadequate RAM -> things crash altogether.
That's slightly over-generalised. Insufficient CPU can mean -> things run slowly -> more Apache and MySQL calls running at the same time -> more RAM is needed. But the difference between 1 GB and 2 GB of RAM should more than see off that effect.
It would depend on your usage. As other suggested, 1GB RAM is bare minimum to be running cPanel on, you might just want to kick it up to 2GB. On the other hand if you are comfortable with the command line, you could use Wordpress without cPanel.
There are many factors when trying to decide over CPU Cores(vCPU) and Memory. The largest factor in my experience is the virtualization platform that the VPS runs on. Each product manages the virtual cores differently and depending on the how the VPS will be used would depend on what enviroment best suites your needs, and how much you can fine tune your VPS. Overall though, most VPS's bottleneck with memory, so the more memory the better. If you are still seeing a slow down/bottleneck, then increasing to a package that offers more cores, or a stronger core would be the next step to take.
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The answer as always is "It depends" Do all the visitors hit your site in a 5 minute window? Is it a trickle of traffic that is reasonably flat and constant over the whole day? what stack are you planning to use? How well is that stack tuned to your particular workload?
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