When I check the View Web Analytics Reports from Central Admin on Production, it throws the above error though it works on Test environment.

To resolve this, I have performed the following steps by looking at the ULS Logs.

Navigate to Central Administration 

System Settings and click on Manage Services on Server

Stopped the following two services though it was already started

• Web Analytics Data Processing Service
• Web Analytics Web Service

Started the above two services but when I check View Web Analytics Report, doesn’t seem to work.

On Further checks found the Manage Metadata Service App wasn’t able to retrieve the metadata

Stopped and Started the Managed Metadata Web Service

This resolved the issue for me now able to view the Web Analytics Reports from Central Admin

If it doesn’t work, check the ULS logs to identify and troubleshoot  the issue.