Action '&1' cannot be performed (error in Customizing)

What causes this issue?

The action manager cannot execute the selected action '&V1&' because
the parameters could not created completely.
This is probably due to an error in Customizing of the action manager
for this function.
Affected action group: '&V2&'
Affected function code: '&V3&'

System Response

This function cannot be executed.

How to fix this error?

Check the Customizing settings of the action manager for this function
or contact your system administrator.

Error message extract from SAP system. Copyright SAP SE.