Hi Kumar,
Are you sure you want to stick with 7.2 SP0 dispatcher and not move to latest one?
The logs doesn't seem like dispatcher encountered the problem. There are couple of global constants you need create for dispatchers.
Create an empty job and see if you were able to run successfully?
I haven't set up DISPATCHER_POLICY_TYPE explicitly anytime. May be its not needed in latest ones or it is automatically set when you select options in dispatcher 'policy' tab.
But for the other constant, you will get an better idea if you go thru below document.
Kind regards,
Jai