The best replacement for initialization is initialisation.

The best alternatives to initialization are rated as following:
★★★★★  initialisation
★★★★  instantiation
★★★★  acronym
★★★  assignment
★★  declaration c++
★★  assignment c++
★★  instantiation java
★  initiation
★  declaration
★  assignment java
★  lazy loading

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initialization
initialisation
instantiation