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allocation (n.)

mid-15c., allocacion, "authorization," from Medieval Latin allocationem (nominative allocatio), noun of action from past-participle stem of allocare "allocate, allot," from assimilated form of Latin ad "to" (see ad-) + locare "to place," from locus "a place" (see locus).

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Definitions of allocation from WordNet

allocation (n.)
a share set aside for a specific purpose;
Synonyms: allotment
allocation (n.)
the act of distributing by allotting or apportioning; distribution according to a plan;
Synonyms: allotment / apportionment / apportioning / parceling / parcelling / assignation
allocation (n.)
(computer science) the assignment of particular areas of a magnetic disk to particular data or instructions;
Synonyms: storage allocation
From wordnet.princeton.edu