With the 1 Feb 2011 proposal submission deadline, the NRAO is implementing a new proposal evaluation and time allocation process. The NRAO will now consider proposals on a semester-based schedule, on 1 Feb and 1 Aug annually, rather than the previous trimester-based schedule. The proposals will be evaluated and ranked on the basis of scientific merit by Science Review Panels. These rankings will be used by the Time Allocation Committee to recommend a priority and time allocation to the Director. I will give an overview of the process, leaving time for questions.