1. Is it possible to mass generate standardized application assessments?
Yes it is, use the xog interface. (you need "Application Assessment - Xog Access")
i.e. you could write a process to auto generate every year, part filling it with data from the last one.
2. are older assessments factored in to current assessments?
No, it's manual out the box
3. can you archive older assessments without having it affect current assessments?
You can't "archive" the object instances, you could configure to hide or delete after a period of time. (of course you may want that data to be around to copy into the next one!)
4.Is there a standard process for this?
business or technical? currently there is not to ether.
#helpinghands