I had the same problems after a fresh installation of VCM 5.4.1.284. In my cause it was caused by the account running the Collector Service not having the right SQL Server permissions. To resolve this issue use this article: http://kb.vmware.com/selfservice/microsites/search.do?language=en_US&cmd=displayKC&externalId=2004083
Best regards,
Marco Louter