ORA-16790: the value of the configurable property is invalid
Cause : User entered an invalid property value.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Reset the property to a correct value.
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.