Follow these command:
Install and Configure Postgres
sudo apt-get install postgresql
This command will install postgres 9.1 by default in ubuntu 14.04 or any debian distribution. if you want to use any specific version of postgres(i.e 9.3, 9.4) you need to update the source list. for example to install postgres-9.4 you can follow below steps.
Create the file /etc/apt/sources.list.d/pgdg.list, and add a line for the repository using vim or nano editor
deb http://apt.postgresql.org/pub/repos/apt/ trusty-pgdg main
Import the repository signing key, and update the package lists
wget --quiet -O - https://www.postgresql.org/media/keys/ACCC4CF8.asc | sudo apt-key add -
and update the packages using
sudo apt-get update
after that you can search/install the available/supported postgres version
sudo apt-get install postgresql-9.4
After installing postgres 9.4, change to the postgres user so we have the necessary privileges to configure the database
sudo su - postgres
Now create a new database user with access to create and drop database.
createuser --createdb --username postgres --no-createrole --no-superuser --pwprompt odoo
Enter password for new role: ********
Enter it again: ********
Finally exit from the postgres user account:
exit