Distribution profile &1 for WBS elemment &2 does not exist

What causes this issue?

You have entered a distribution profile that has not been assigned to
the appropriate WBS element.

System Response

The operation cannot be performed.

How to fix this error?

Choose a distribution profile that has been assigned to the appropriate
WBS element.

Procedure for System Administrators

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

Error message extract from SAP system. Copyright SAP SE.