which FOLDER for APPLICATIONS?

i have a

Home Folder > Applications > "VM Windows 7 Applications.app" folder

- and -

i also have a Home > Applications (Parallels) > WM Windows 7 Applications folder.

why do i have two of these and which one of these is correct?

also, i have a Home > Library > Parallels > Applications Menus > VM Windows 7 Applications folder that is /apparently/ giving me an icon on the desktop in the DOCK that lets me see and call up all my windows applications. am i correct that this is listing the apps installed in one of the folders listed above?
 

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