AX 2012: The AOS server name or instance name is not correctly configured

Scenario: When installing Reporting Extension in Reporting Server using Microsoft Dynamics AX 2012 R3 Installation wizard, then I got the below error. Error Details: Performing a service status check for prerequisite 'Application Object Server (AOS) Services WSDL URI accessible Error fetching services status. Reason: The AOS server name or instance name is not correctly configured Check succeeded. services check failed Solution Details 1. In "Microsoft Dynamics AX Configuration Utility". 2. Check if Connection Details in Connection Tab are valid and in correct setups. 3. Refresh Configuration to regenerate WCF configuration 4. Try to install again