Error 0×80070005 When Creating a Task Using Task Scheduler

Error 0×80070005 When Creating a Task Using Task Scheduler in XP, windows 2000 and 2003.
0x80070005: Access is denied.

I was getting the above error when I was trying to schedule a batch file to run via task scheduler. This error is encountered if one of the below is true -
The userid that is being used to run the job has a blank password.
The userid does not have permission to "Log as a batch job". (Control Panel - Administrative Tools - Local Security Policy - User Rights Assignment)
The userid does not have admin access to the folder where the batch job is located.
Also refer MS articles if the above does not work- http://support.microsoft.com/kb/904423 , http://support.microsoft.com/kb/816731, http://support.microsoft.com/?kbid=867466