Action &1 cannot be performed (error creating parameters)

What causes this issue?

The action manager could not execute the action '&V1&' because unknown
problems occurred during creation of the parameters.
The problem is probably to be found in the internal coding of the
action manager.
The error occurred during parameter creation for the function with
function code '&V3&' in action group '&V2&'.

System Response

The function cannot be executed.

How to fix this error?

Print out this message and contact SAP.
If the error occurred when executing a program that was not delivered
by SAP, please also supply the program text and the Customizing
settings of the action manager.

Error message extract from SAP system. Copyright SAP SE.