[MOSS-2007]Provisioning for Shared Services Provider 'Shared Service 1' has failed

Issue :
Provisioning for Shared Services Provider 'Shared Service 1' has failed and will be retried. Reason: Windows NT user or group 'domain\username' not found. Check the name again.

Resolution : (This solution helped me)
stsadm -o updatefarmcredentials -userlogin domain\username -password swarajtestpwd