No standard cost estimate for material & in plant & on &

What causes this issue?

You are using a function that calculates the target costs in the current
standard cost estimate for the material. Using this information, the
system can calculate the following data:
Work in process (WIP) for the confirmed WIP quantities
Scrap for the confirmed scrap quantities
Variances between the target costs and the control costs
However, the cost estimate for material &v1& in plant &v2& is:
Missing
Not released
Not valid on &v3&
Not saved as an itemization
Not valid at the time WIP or variances were calculated
Not saved in the controlling area currency
This can be the case when the controlling area currency is not the same
as the company code currency. Since variances are always calculated in
the controlling area currency, the cost estimate must be saved in
controlling area currency (refer to "Procedure").
The settlement type in the order determines at which point the cost
estimate has to be valid.
For the full settlement, the variances are determined across the entire
term of the order. In this instance, the cost estimate must be valid on
the final day of delivery (status DLV), or if this has not yet happened,
on the day of technical completion (status TECO), or else on the day the
order was created.
For the periodic settlement, the variances are calculated for the
period. In this case, the cost estimate has to be valid on the last day
of the period.
If target costs are calculated directly in a report, the cost estimate
must be valid on the last day of the reporting timeframe.
Note that you can only valuate work in process and scrap at target costs
using a product cost estimate with quantity structure. A unit cost
estimate cannot be used to valuate work in process and scrap.

System Response

The absence of target costs has the following effects:
The system cannot display a report on the target costs.
The system cannot split the difference between the target costs and the
control costs by variance categories for the variance calculation.
The difference is updated as a remaining variance.
The system cannot valuate the scrap and work in process.

How to fix this error?

If you want to calculate input quantity variances, resource-usage
variances, and so on, proceed as follows:
If the cost estimate was previously not saved in the controlling area
currency, you need to carry out the step <LS>Activate Cost Component
Split in Controlling Area Currency</> in Customizing for <LS>Product
Cost Planning</>, before you create a new cost estimate. To navigate to
the step, choose the <LS>Maintain Entries</> (pencil icon) below the
message text.
Check the validity dates of the cost estimate.
<DS:TRAN.CK13N>Proceed</>
Check the costing view in the master record of the material being
manufactured. <DS:TRAN.MM03>Proceed</>
Release the cost estimate for the material if necessary.
<DS:TRAN.CK24>Proceed</>
Create a new cost estimate for the material, and save the cost estimate
in itemized form by turning on the <LS>Itemization</> field in the <LS>
Update parameters</> dialog box. <DS:TRAN.CK11N>Proceed</>
Calculate the WIP or variances again.
If you are working in reporting, select a report that does not refer to
the target costs.

Error message extract from SAP system. Copyright SAP SE.