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Function Allocation. Function allocation (also known as task allocation) is a classic human factors method for deciding whether a particular function will be accomplished by a person, technology (hardware or software) or some mix of person and technology.
Definition of asset allocation. Asset allocation is the process of spreading, or 'diversifying', your investments across a range of different asset classes and geographical regions - to minimise the risk of all your investments falling in value at the same time, and to maximise the potential for smoother, and therefore higher, compound returns.