ORA-12820: invalid value for DEGREE
Cause : invalid value for DEGREE was specified within a PARALLEL clause.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
specify a positive integer or DEFAULT for the DEGREE option within a PARALLEL clause.
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.