1775485 - Cannot validate jvm parameters - java process cannot start: Config Tool error

Adding or editing virtual memory parameters in configtool fails and configuration could not be saved. The below error is logged in the trace files (default trace file):
**************************************************************************************************************
##JVM validation fails.JVM validation fails.
Error details: Cannot validate jvm parameters - java process cannot start; Exit code: [1]; output of the **************************************************************************************************************

• Release Independent
• SAP NetWeaver

SIDADM, ConfigTool, initialization of VMCould, not find agent library, am_sap_15 on the library path, Cannot load module, System error,  A file or directory in the path name does not exist, Cannot validate jvm parameters, Config Tool, VMSettingsPanel, 1367498, 1133020, 1442124, WILY, <SID>ADM, default trace , KBA , BC-JVM , SAP Java Virtual Machine , BC-JAS-COR , Enterprise Runtime, Core J2EE Framework , Problem