The Collaborative International Dictionary of English v.0.48:

Allocation \Al`lo*ca"tion\, n. [LL. allocatio: cf. F.
   allocation.]
   1. The act of putting one thing to another; a placing;
      disposition; arrangement. --Hallam.
      [1913 Webster]

   2. An allotment or apportionment; as, an allocation of shares
      in a company.
      [1913 Webster]

            The allocation of the particular portions of
            Palestine to its successive inhabitants. --A. R.
                                                  Stanley.
      [1913 Webster]

   3. The admission of an item in an account, or an allowance
      made upon an account; -- a term used in the English
      exchequer.
      [1913 Webster]

WordNet (r) 3.0 (2006):

allocation
    n 1: a share set aside for a specific purpose [syn: allotment,
         allocation]
    2: the act of distributing by allotting or apportioning;
       distribution according to a plan; "the apportionment of seats
       in the House of Representatives is based on the relative
       population of each state" [syn: allotment, apportionment,
       apportioning, allocation, parceling, parcelling,
       assignation]
    3: (computer science) the assignment of particular areas of a
       magnetic disk to particular data or instructions [syn:
       allocation, storage allocation]