pt_shell Error: Library Compiler executable path is not set. (PT-063)

PT-063
NAME
PT-063 (Error) Library Compiler executable path is not set.
DESCRIPTION
When you install the PrimeTime tool, you need to specify the path to the Library Compiler executable, which PrimeTime tool uses for reading Liberty (.lib) files. The Library Compiler executable cannot be found because no path was specified.
WHAT NEXT
Do one or both of the following:
Add the Library Compiler executable path to the existing PrimeTime installation by running the following script:
$synopsys/admin/install/syn/bin/install_pt

The script prompts you for the location of the Library Compiler root directory:

Synopsys Library Compiler root directory:

At the prompt, enter the root installation directory of the Library Compiler tool.
Set the SYNOPSYS_LC_ROOT environment variable to the path to the Library Compiler executable before you invoke the PrimeTime shell.