In Business Process Server, an application is an installed, executable business process that automates a business flow. Different versions of processes could be grouped together as one application, with a single application name. In other words, a BP Server application is a container that hosts multiple versions of a business process template.
Depending on the business requirement, one of the versions is installed as the current application. Newer versions can always be installed if the requirements change, and the older versions are internally deprecated.