IPA: /ˌæl.əˈkeɪ.ʃən/
KK: /ˌæl.əˈkeɪ.ʃən/
The act of distributing or assigning something, such as money, resources, or tasks, to different people or purposes.
The allocation of funds for the new project was approved by the board.
Allocation → It is formed from "ad-" (meaning to) and "locare" (meaning to place). The word describes the act of placing something to a specific purpose or use.
Think of 'placing' something ('locare') 'to' a specific purpose ('ad-') — that's why allocation means assigning resources for a particular use.