ORA-16707: the value of the property string is invalid, valid values are string
Cause : An invalid property value was entered while broker management of the database was disabled.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Reset the value to a correct one.
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.