No position management procedure defined for position &1, &2, &3

What causes this issue?

No position management procedure could be determined for the position
named. Check your Customizing and maintain a position management
procedure for the position.

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?

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.