Unknown period type &1 set in database (TSDM)

What causes this issue?

The period type &V1& set in the database (TSDM) cannot be used.

System Response

The calculation is canceled.

How to fix this error?

Change the period type of the used time series in the database.

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.