No statistical budget type defined for FM area &1

What causes this issue?

The statistical budget type &v1& you defined does not exist.

System Response

Processing stops.

How to fix this error?

Define a statistical budget type in the IMG activity
<DS:SIMG.PSM_V_FMSTATYPEDEF>Define Budget Type for Statistical Budget</>

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.