Below are some application questions you can ask yourself after you have observed all of the relevant historical time, place, culture, author, and audience meaning of the text.
Is there a promise to claim?
Is there a command to obey?
Is there a sin to confess?
Is there an example to follow?
Is there a behavior to change?
Is there encouragement to receive?
Is there an insight to gain?
Is there an issue to pray about?
Is there a reason to worship God?
A friend once told me that every time I read a passage I should ask myself where is God (especially focused on Jesus) in the passage, and where am I in the passage (I may identify with the characters, author, or audience). I have found this to be helpful.