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TTworkbench: How to solve: Error occurred during initialization of VM. Could not reserve enough space for object heap?

Environment/Versions
TTworkbench 32/64 Bit, Windows/Linux
Answer
If a to big value was given to MaxPermSize, not enough heap space remains for objects.
The value of MaxPermSize shouldn't be more than 1/3 from the value of Xmx.

Solution: Go to the installation folder of TTworbench, in ttworkbench.ini and modify MaxPermSize lower value as 1/3 from the value of Xmx.

Product : Tool Handling