Enter a valid action manager definition

What causes this issue?

YOu have tried to process the action manager definition '&V1&'.
However, this definition does not exist.

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 an existing definition or create the definition '&V1&'.

Error message extract from SAP system. Copyright SAP SE.