Project creation Error

Hi Team,

I tried to create new team project in TFS default collection but iam getting the below error

Error 
The Project Creation Wizard encountered an error while creating reports to the SQL Server Reporting Services on http://snchndevtfsapp/ReportServer/ReportService2005.asmx.  

Explanation 
The Project Creation Wizard encountered a problem while creating reports on the SQL Server Reporting Services on http://snchndevtfsapp/ReportServer/ReportService2005.asmx. The reason for the failure cannot be determined at this time. Because the operation failed, the wizard was not able to finish creating the SQL Server Reporting Services site.  

User Action 
Contact the administrator for the SQL Server Reporting Services on http://snchndevtfsapp/ReportServer/ReportService2005.asmx to confirm that the SQL Server Reporting Services server is running and you have sufficient privileges to create a project. Your user account on SQL Server Reporting Services must have Content Manager permission to create a new project. Also, you might find additional helpful information in the project creation log. The log shows each action taken by the wizard at the time of the failure and may include additional details about the error.  

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skvavi