ORA-01039: insufficient privileges on underlying objects of the view
Cause : Attempting to explain plan on other people's view without the necessary privileges on the underlying objects of the view.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Get necessary privileges or do not perform the offending operation.
Well, the reason for above error is that i have taken the above script from a 11g database and running it on 10g database. 11g has bring some changes in password management. Below code is executed on 11g and user created successfully, which is expected result.