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These are the Actions configurations available in Project Settings:
Assignment Settings - configure each type of Action to be assigned to a Role (individuals with shared permissions) or User Group (grouping of users that may or may not have the same permissions).
Here is how the configuration is used for tasks in O3:
Action Notification - decide if users see the Priority and / or Urgency on their notifications .
Action Urgency Settings - configure the date rules for action items' Urgency. Ex: "High" Urgency means less than 4 weeks to due date.
Need more info? Visit the entire Project Admin article collection.