If you are using cycles to render, you can generally ignore ambient occlusion, unless you have a special need (if you do use ambient occlusion, it won’t be PBR any more).
Bump is for more subtle surface details. Displacement can give more pronounced effects. Displacement changes the geometry at render time, so will likely use more memory off the bat, and generally works best with adaptive subdivision, which will consume even more memory.
As a general rule, leave specular alone (or if you must tweak, bump to .52, which some will say is more accurate. I have no view).
Use roughness to define haw sharp the reflections are. A roughness of 1 will give you a completely diffuse material (which is also not real world).