What's the difference between Obligated versus Allocated amounts?

Obligated amounts are the funds authorized by the sponsor for a particular period of time. Those funds are then allocated by OSP and SPA to account(s) in GMAS for spending purposes.

Depending on how the project is set up the obligated amount may be allocated across multiple accounts.

If there is only one account on the segment the total obligated amount will most likely equal the allocated.