With the help of Tarun and Oneil, I was able to run the QTP script using Quality Center. I have documented the steps that I followed.

1) Open QTP
2) Open the script
3) Go to Tools
4) Go to Quality Center Connection...
5) Enter server URL and click connect button.
6) Enter user name and password and click connect button.

Verify Quality Center is connected successfully.

7) Go to Tools
8) Go Options
9) Go Run tab
10) Check the option of "Allow other Mercury products to run tests and components".
11) Go to File
12) Select Save As. This action will open dialog box “Save Test to Quality Center”
13) Save the script
14) Now open QC.
15) Go to Test Lab
16) Create a New Test. This opens a Test Plan window.
17) Double click on the script, which you saved in STEP 13. This adds the Script to Test Set
18) Click on Run button
19) Select Run All Test Locally
20) Click on Run button again

Prashant Patel