The "Create Quick Report" option is no longer available after upgrading to M&R 7.7.0.3
M&R 7.5.0.3 & 7.7.0.3
The reason this option was removed is due to many customers being confused as to which menu item is to be used for launching/creating new reports between the new report option and the "Create Quick Report" menu item under the "Modicfications" menu.
Thus as a solution, the "Create Quick Report" menu item was removed.
In place of "Create Quick Report" menu item, one would use the following to create new reports: