I created this simple flow chart to help you decide what to do after shooting an animal. It's meant to save you time, and decide when to track and when to move on.
Animal Tracking Decision Flow
After wasting several hours tracking shot animals for miles with no success, I created this simple flow, that at a high level shows my current decision making every time I shoot an animal in-game. Feel free to suggest changes... This was created purely using my experience in game after harvesting thousands of animals.