A method of processing allocation and deallocation requests in a computing environment. The method forms an Allocation Queue of requests for resource allocations, a Deallocation Queue of requests for resource deallocations, a Pending Queue of requests for resource allocation which cannot be met immediately, and a Cancel Queue of requests to cancel an earlier request already waiting in either the Pending Queue or the Allocation Queue. A cycle of servicing the Allocation Queue, the Deallocation Queue, the Pending Queue, and the Cancel Queue in a chronological sequence is carried out. In the cycle: the Deallocation Queue is serviced first, the Cancel Queue is serviced after the Deallocation Queue is serviced until the Cancel Queue is empty, the Pending Queue is serviced after the Cancel Queue is serviced, and the Allocation Queue Queue is serviced after the Pending Queue is serviced.