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Tolerance cost and machining time play crucial roles while performing tolerance allocation in complex assemblies. The aim of the proposed work is to minimize the above-said manufacturing objectives for allocating optimum tolerance to the components of complex assemblies, by considering the proper process and machine selections from the given alternatives. A novel methodology that provides a two-step solution is developed for this work. First, a heuristic approach is applied to determine the best machine for each process, and then a combined whale optimization algorithm with a univariate search method is used to allocate optimum tolerances with the best process selection for each sub-stage/operation. The efficiency of the proposed novel methodology is validated by solving two typical tolerance allocation problems of complex assemblies: a wheel mounting assembly and a knuckle joint assembly. Compared with previous approaches, the proposed methodology showed a considerable reduction in tolerance cost and machining time in relatively less computation time.