There is a rule book attached above which clearly states all the steps to apply for the programme. The rewards/penalties are also clearly mentioned in it. Please go through the rule book very carefully.
Selection process will be totally dependent on the alumnus. We will send the resume to the alumnus and he can screen you on the basis of your resume or if required, he can call you up for a telephonic interview. In that case, you will be told before hand.
Again, the duration of the project will vary project to project. In the list of the projects, there is a column which shows the duration of the project. In all cases, the projects are work from home, therefore, the project can also be continued during the semester.