This is the "completely fair scheduler", which is used to distribute tasks over a group of nodes in a fair way (http://en.wikipedia.org/wiki/Completely_Fair_Scheduler).
It would be better, If the question could be narrowed.
Is your question based on resource allocation in Cloud Perspective or from the Hypervisor Perspective ?
If it is based on Cloud, from a group of clusters resource is alloted is based on algorithm such as Round Robin, Greedy , Weight based priority scheduling etc.
If it is based on Hypervisor, One of the common algorithm is Credit Scheduling ( Used by Xen Hypervisor)