Hi Vijaya,
The difference starts in the concept.
Issues are meant to handle project problems, like lack of human resources, lack of expertise, go-live strategy decision, that is all problems that are mainly linked to a managerial decision/order and can have impact on business.
Messages are meant to handle system problems, like printer not working, message error when saving a purchase order, lack of authorizations,etc.
Because of these differences, also the funcions available for each one and the workflow will be different.
Hope this could make this more clear to you.
Regards,
Val
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