Valuation at target costs on basis of preliminary cost estimate

What causes this issue?

The work in process or scrap was valued in accordance with the valuation
variant defined in Customizing for <LS>Product Cost by Order</> or
<LS>Product Cost by Period</> under <LS>Define Valuation Variant for WIP
and Scrap (Target Costs)</> using target costs calculated on the basis
of the preliminary cost estimate for the product cost collector or
manufacturing order.

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?

Error message extract from SAP system. Copyright SAP SE.