ORA-25531: MTTR specified is too small: string
Cause : The current FAST_START_MTTR_TARGET setting or a candidate MTTR setting is too small for MTTR advisory.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Set a larger FAST_START_MTTR_TARGET or candidate MTTR.
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.