Is there a way to set up an electronic approval and/or workflow process on my form?

There are many ways to do this, the simplest one is by logging into your account to go to  your submissions view to start approving or declining submissions, please check this guide: https://www.jotform.com/help/194-How-to-assign-a-status-to-submissions 

Another way would be letting the form submitter choosing to whom the submission will be sent for approval. Here is an example on how to do this: 

1) Create your form. The user fills the form and select 1 of X number of mangers you have listed to send the application to:

2) Create your first email notification that will be sent to the person who will approve or decline: http://www.jotform.com/help/25-Setting-Up-Email-Notifications 

Make sure to include the edit link in your email notification.

3) Create the conditions as explained on this guide to send the notification to a specific email address based on a selection: https://www.jotform.com/help/167-How-to-Send-Email-Based-on-Selection 

4) Create a second email notification that will contain a message that lets the user know that he has been approved.

5) Create another condition to send the second email notification:

Note: as you can notice, in the "EMAIL TO", I put {email}, which is the name of the email field where the user inputs his email address. 

Here is my cloned version: https://form.jotform.co/61787107942867 

You can clone it and inspect further: http://www.jotform.com/help/42-How-to-Clone-an-Existing-Form-from-a-URL 

Let us know if you need more help.