Code Analysis Policy error “The operation could not be completed. The parameter is incorrect.”

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If you change the code analysis policy settings and click on either "Merge with checkin policy" or "replace with checkin policy" in "Code Analysis Setting for Solution" in the "analyze" tab it shows the below error.
“The operation could not be completed. The parameter is incorrect.”

Solution:

Three steps to check on client machines are:
1. Select the website properties and on build property , check “enable code analysis”
2. Select the Website “Configuration Manager” and make sure the for Debug | Any  CPU, at project level “Any CPU” is selected and Build is Checked
3. Make sure that the folder that contains the solution is not read only.