If you are on a managed machine (like at a business) it is possible for the administrator to have your machine send information to another computer that allows them to see not only what applications have been launched for a given time period, but also how long they were open. Reports can also be generated to show what versions of software are installed and when, how and for how long users were logged into a machine. The basic interface for this management tool is "Remote Desktop." As the information is stored on a different computer, I'm not sure there is a reliable way for a user to delete it.
Relevant page on Apple's website --