Answering your questions in reverse......
The package is submitted to the board electronically and the board consists of 9 Professors of Naval Science.
They will review all packages for that board individually, and each PNS will get a certain number of applicant packages that they will brief on behalf of the applicant. Each package receives a score from each PNS.
The senior PNS is the Chairman of the Board and is charged with ensuring the scoring is done in a fair and impartial manner.
When the board completes the scoring, a "cut line" is made and applicants scoring at or above the line are selectees. They will be notified by email from the Naval Service Training Command and many times the PNS from their school will also call or email.
There will also be a number of people who were not selectees but they made it onto the list of Alternates. The alternates will be grouped when all boarda are completed and then they will be chosen based on openings that occur over the board season.
Many people think non selects are placed in a big bin and get looked at on the next boards. That does NOT happen. Your record is scored, and that score is locked in.
Results can be released in as little as a day or 2, but it has taken over a week if the Admiral is on travel and cannot review the board results.
This is truly a case of hurry up and wait.....and wait.