The problem is that you are trying to access the Creo Simulate, and you only have licensed the Creo Simulate Lite. Creo Simulate is available only with the Creo Academic/Premium Edition (that can be purchased from our eStore). You have the Standard Edition licensed.
You can easily solve this issue by using Creo Simulate Lite.
All you need to do is open the part model in Creo Parametric, then press the Simulate button from the Applications tab. You will get the License Check that tells you that you have no license for Creo Simulate and after you press OK on that you will be prompted a window for Model Setup. Select in this window, under Compatibility Mode, Simulate Lite, then OK.