I am facing an error while create an application in HP UFT. Error:

Stack Trace
==============
at HP.QTP.Backend.Common.Utils.QcUtils.CheckAlmUserPermissions(String path, enumFwMode mode, tagPERMISSION_ACTION[] permissions)
at HP.QTP.Backend.Builders.ItemBuilders.AppAreaBuilder.CreateNewApplicationArea(String path, IEntity owner)
at HP.QTP.Backend.Builders.ItemBuilders.AppAreaBuilder.New(String path, IEntity owner)
at HP.QTP.Backend.Builders.ItemBuilders.BuilderBase`2.HP.QTP.Backend.Common.IBuilder.New(String path, IEntity owner)
at HP.QTP.Backend.Collections.ObjectCollections.ApplicationAreaManager.New(String path, IEntity owner)
at HP.QTP.BackEndServices.BackEndManager.NewAppArea(String pathToAa)
at HP.QTP.ProjectSystem.QtpProjectService.CreateAaProject(String aaPath)
at HP.UFT.Common.Cache`2.GetOrCreate[TCreationInfo](TIdentifier identifier, Func`2 objectGenerator, TCreationInfo creationInfo)
at HP.QTP.ProjectSystem.QtpProjectService.CreateApplicationAreaProject(String aaPath)
at HP.QTP.ProjectSystem.Commands.NewAppAreaCommand.InternalRun()
at HP.Utt.UttCore.UttWrappedCommand.Run()
at ICSharpCode.Core.Presentation.CommandWrapper.Execute(Object parameter)
at MS.Internal.Commands.CommandHelpers.CriticalExecuteCommandSource(ICommandSource commandSource, Boolean userInitiated)
at System.Windows.Controls.MenuItem.InvokeClickAfterRender(Object arg)
at System.Windows.Threading.ExceptionWrapper.InternalRealCall(Delegate callback, Object args, Int32 numArgs)
at MS.Internal.Threading.ExceptionFilterHelper.TryCatchWhen(Object source, Delegate method, Object args, Int32 numArgs, Delegate catchHandler)

Inner Exception
============
None

Additional Information
=================
SharpDevelop Version : 4.1.3.0-00000000
.NET Version : 4.0.30319.34209
OS Version : Microsoft Windows NT 6.1.7601 Service Pack 1
Current culture : English (United States) (en-US)
Running under WOW6432, processor architecture: x86-64
Working Set Memory : 245624kb
GC Heap Memory : 23052kb

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—- Post-error application state information:
Installed 3rd party AddIns: [${res:Addin.UFT.File.Dialog.UFT.Only} 11.50.0.0], [ActiveScreenPane 0.0.0.0], [QTP DataTable Addin], [QTP Debugger addin based on UT Debugger 0.0.0.0], [QTP FileDialog 0.0.0.0], [HP QTP Property Tabs 0.0.0.0], [ALM Storage 11.50.0.0], [HP Basic Extensibility 11.50.0.0], [HP Designer UI Extensibility 11.50.0.0], [HP SOAReplayAPI Extensibility 11.50.0.0], [${res:HP_Async} 11.50.0.0], [${res:HP_Checkpoints} 11.50.0.0], [${res:STDataProvider_HP_Data_Providers} 11.50.0.0], [${res:BasicActivity_HP_Basic_Activities} 11.50.0.0], [${res:HP_BPT_Integration} 11.50.0.0], [HP CSharp Translation Layer 11.50.0.0], [${res:HP_Database_Activities} 11.50.0.0], [${res:HP_Standard_Import_Technologies} 11.50.0.0], [HP Framework Upgraders 11.50.0.0], [${res:HP_FTP_Activities} 11.50.0.0], [ST Debugger addin based on UT Debugger 11.50.0.0], [${res:HTTP_Activity} 11.50.0.0], [${res:HP_Receiver_Activity} 11.50.0.0], [Run Step Pad 11.50.0.0], [${res:HP_Java_Call_Addin} 11.50.0.0], [${res:HP_JMS_Technology} 11.50.0.0], [${res:HP_LoadRunner_Integration} 11.50.0.0], [${res:HP_MQ_Activities} 11.50.0.0], [${res:PropertySheet_HP_Basic_Property_Sheet} 11.50.0.0], [${res:HP_Rest_Technology} 11.50.0.0], [RestV2 11.50.0.0], [${res:HP_UFT_STM} 11.50.0.0], [${res:HP_Service_Test_runner} 11.50.0.0], [HP Basic Framework 11.50.0.0], [Toolbox Default Presenter 11.50.0.0], [HP To