Recently when I was trying to access an OLAP cube on Microsoft SQL Server 2008 Analysis Services from within the Dynamics AX 4.0 Client I was running into the error message:

One or more required client components that support OLAP analysis are not installed on this computer. For details on the required components, in Administrator Help, see Set up OLAP reporting.

I was getting this error message although I had installed all listed required components.

The root cause of this issue is described in the KB article 936081. On the Dynamics AX 4.0 Client PC the Analysis Management Objects (AMO) library from SQL Server 2005 SP2 was installed. This library version performs a server version check during the connection to the Analysis Services. If the Analysis Services being connected to is not an instance of Microsoft SQL Server 2005 Analysis Services the connection fails.

The Analysis Management Objects (AMO) library was updated by now, so in order to connect to Microsoft SQL Server 2008 Analysis Services either one of the following updates can be installed on the Dynamics AX 4.0 Client PC: