Variant &1 of program &2 does not exist

What causes this issue?

System cannot start program as no variant exists, or the specified
variant does not exist in the the current client.

System Response

How to fix this error?

Create an appropriate variant, for example using
Transaction SARA -> Customizing -> Archiving object-specific Customizing
-> Technical settings

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.