Error &1 because of invalid number range - maintain object PIC_PICNUM

What causes this issue?

Number range object PIC_PICNUM is not defined.

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?

Create a new number range object for PIC_PICNUM in transaction
<DS:TRAN.PICNUM>Maintain number range object</>.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.