Incompatible Database Schema Error When Migrating to Quark Publishing System (QPS) 7.4

Uninstall QPS and manually delete the database folders Then reinstall QPS 7.4, This will create a new database and schema.

Background:
If you uninstall your previous version of QPS from the machine, but do not remove the database folders manually after installation of QPS 7.4, the older database is still present. When you try to run QPS 7.4 with an older database schema, it will return this error.