the act of allocating; apportionment.
the state of being allocated.
the share or portion allocated.
Accounting. a system of dividing expenses and incomes among the various branches, departments, etc., of a business.

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

allocative, adjective
deallocation, noun
reallocation, noun
suballocation, noun Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
allocation (ˌæləˈkeɪʃən)
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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Word Origin & History

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.
The improvement in crime statistics has been credited to better enforcement and
  allocation of officers.
Makes major budgetary and resource allocation decisions.
But water is everywhere hugely subsidised, and protectionism often stops an
  efficient allocation of resources.
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