One need to perform below mentioned steps to create an assign dedicated application pool to the website:
1. Open IIS Manager, expand the local computer, right-click Application Pools, point to New, and then click Application Pool.
2. In the Application pool name box, type the name of the new application pool - Website name.
3. If the ID that appears in Application pool ID box is not the ID that you want, type a new ID.
4. Under Application pool settings, click the appropriate setting. If you click Use existing application pool as template, in Application pool name box, right-click the application pool that you want to use as a template.
5. Click OK.