Nancy is the project manager for YYF project. She is receiving bids and proposals from different vendors. She will apply previously defined selection criteria to select one or more sellers who are…

Close Procurements is the process of completing and settling each contract, including resolving open items and formally closing the agreement - it occurs after the contracted work is done, not during vendor selection.

According to the PMBOK Guide, Conduct Procurements is the process of obtaining seller responses, selecting a seller, and awarding a contract. Applying previously defined selection criteria to evaluate vendor bids and proposals in order to identify qualified and acceptable sellers is the defining activity of this process. Nancy's action of reviewing bids against criteria to choose sellers is the textbook description of Conduct Procurements.

Plan Procurements involves deciding what to procure, how to procure it, and documenting the procurement approach and selection criteria - this planning happens before vendors submit their bids.

Administer Procurements manages procurement relationships and monitors contract performance after a seller has already been selected and work has begun, not during the selection phase.