Hi Akash,

Please follow below steps to create a New Application using Application Express wizard in Pega 7:

1) Click on Application button and Select New Application

2) Select Enterprise Application and click on Create New Application button.

3) Enter the Application name , Built on Application (By default Pegarules will be there), Application Structure (Based on your requirement) and Organisation name.

4) Click next until you reach final screen (Business Objectives, Case types and Data types are not mandatory).

5) Note down the operators created by the Application wizard, log off the Administrator operator and Login back with the Operator associated with your newly created Application. 

Note : By default password will be "rules"

Please find the screen prints attached with the numbers.

Let me know if it helps you.

Regards,

Ravi