al·lo·ca·tion

[al-uh-key-shuhn]
noun
1.
the act of allocating; apportionment.
2.
the state of being allocated.
3.
the share or portion allocated.
4.
Accounting. a system of dividing expenses and incomes among the various branches, departments, etc., of a business.

Origin:
1525–35; < Medieval Latin allocātiōn- (stem of allocātiō), equivalent to allocāt(us) (see allocate) + -iōn- -ion

al·lo·ca·tive, adjective
de·al·lo·ca·tion, noun
re·al·lo·ca·tion, noun
sub·al·lo·ca·tion, noun
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2013.
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00:10
Allocation is always a great word to know.
So is gobo. Does it mean:
a gadget; dingus; thingumbob.
a screen or mat covered with a dark material for shielding a camera lens from excess light or glare.
Collins
World English Dictionary
allocation (ˌæləˈkeɪʃən) [Click for IPA pronunciation guide]
 
n
1.  the act of allocating or the state of being allocated
2.  a part that is allocated; share
3.  (Brit) accounting a system of dividing overhead expenses between the various departments of a business
4.  social welfare (in a Social Services Department) the process of assigning referrals to individual workers, thus changing their status to cases

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Etymonline
Word Origin & History

allocation
1530s, from Fr. allocation, from M.L. allocationem (nom. allocatio), noun of action from allocatus, pp. of allocare (see allocate).
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
Moreover, even less is known as to the basis on which policies affecting the
  allocation and distribution of funds rest.
Public-resource allocation is a serious, important business.
Credit allocation is always a problem with-in science.
BT executives were reported as saying that the allocation might increase if the
  initial investment proved profitable.
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