@WayneW - Both reports are useful, but they have a different purpose.
When you run the Installed Applications report and select on Licensed=NO, you will find all software applications that are not linked to a Software License.
When you run the Unlicensed Installations report, you are seeing all installations of software that are not being "Consumed" by a license. So, this report will also include all software application that are not linked to a Software License - like the Installed Apps report. IN ADDITION, this report could also include installs of an application where the application itself is linked to a license. For example, an application has a Named User license metric, and you have allocated users to this license to create consumption. If there are installations of that application where the User of the inventory device is not one of the named users, then that installation of the application is 'Unlicensed' because it is not being consumed against a license.
