During installation instead of choosing the default version i had chosen JRE 1.7 64bit but now I need to change JRE version to the default one as it's not compatible with the applications. Attached is the screen shot.
Not sure what the question is here? I would have thought that JRE is backward compatible. The only thing I can think of is the 32bit versus 64bit swapover, that may trip you up. Have you tried clicking yes on that box, it may install fine. If not, Google that particular verion of JRE, install it on the machine you need to , then run the installation, and select that folder (or choose the install recommended JRE radio box).