ORA-15002: parameter LOCK_NAME_SPACE exceeds limit of string characters
Cause : The LOCK_NAME_SPACE initialization parameter contained a value that is too long.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Correct the LOCK_NAME_SPACE initialization parameter.
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.