Could not open file &1 on application server &2

What causes this issue?

The file &V1& could not be opened on application server &V2&.
Possible reasons are:
The file directory is not mounted on this application server &V2&.
The file directory (path name) is invalid.
The specified file does not exist (read access).
The specified file cannot be created (write access).

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?

Please check the following:
Check if the file directories are mounted on this application server
&V2&. The directory set determines the file directories.
Check if the directory set is valid. The directory set determines the
file directories.
Check if the file name follows the naming conventions for the
application server operating system (UNIX, Windows NT, AS/400).

Error message extract from SAP system. Copyright SAP SE.