Source : Webster's Revised Unabridged Dictionary (1913)

Graduation \Grad"u*a"tion\, n. [LL. graduatio promotion to a
   degree: cf. F. graduation division into degrees.]
   1. The act of graduating, or the state of being graduated;
      as, graduation of a scale; graduation at a college;
      graduation in color; graduation by evaporation; the
      graduation of a bird's tail, etc.

   2. The marks on an instrument or vessel to indicate degrees
      or quantity; a scale.

   3. The exposure of a liquid in large surfaces to the air, so
      as to hasten its evaporation.

Source : WordNet®

graduation
     n 1: the successful completion of a program of study
     2: an academic exercise in which diplomas are conferred [syn: {commencement},
         {commencement exercise}, {commencement ceremony}, {graduation
        exercise}]
     3: a line (as on a vessel or ruler) that marks a measurement;
        "the ruler had 16 graduations per inch"
     4: the act of arranging in grades [syn: {gradation}]