Specify a new action manager definition

What causes this issue?

You have tried to create the action manager definition '&V1&'. However,
this definition already exists.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Enter a new definition to be created or change the definition '&V1&'.

Error message extract from SAP system. Copyright SAP SE.