Ranking factor &1 must have an application object type

What causes this issue?

Ranking factors with id = &v1& are special entries that carry the texts
for application object types. If you set the id = &v1& then you must
specify an application object type id. The application object type id is
empty here.

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?

Specify an application object type id.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.