This drives me crazy! Occasionally I find that QTP is missing some of its menu items. I see this on different machine at different times. And I've seen the behavior in QTP 11 and QTP 10 – not sure what causes it. Doing a re-install “repair' option doesn't even fix it. But no worries — here is a quick fix. To restore all your menu items:
All your menu items should now appear.
Hope this saves someone some time.