allocate vs award

allocate is not a noun while award is a noun.

Word	Noun	Adjective	Verb	Adverb
allocate	No	No	Yes	No
award	Yes	No	Yes	No

As verbs, award is a hyponym of allocate; that is, award is a word with a more specific, narrower meaning than allocate:

Other hyponyms of allocate include reallocate, reapportion, ration, ration out, present.

allocate (noun)	award (noun)
	a grant made by a law court
	a tangible symbol signifying approval or distinction
	something given for victory or superiority in a contest or competition or for winning a lottery

allocate (verb)	award (verb)
distribute according to a plan or set apart for a special purpose	give, especially as an honor or reward
	give as judged due or on the basis of merit