Target cost version already used for another application

What causes this issue?

The <DS:GLOS.target_cost_version>target cost version</> contains
control parameters that are used to:
Calculate production variances in
<DS:GLOS.Product_Cost_by_Period>Product Cost by Period</>
Calculate production variances in
<DS:GLOS.Product_Cost_by_Order>Product Cost by Order</>
Distribute actual costs to the individual products in a
<DS:GLOS.cost_object_hierarchy>cost object hierarchy</>
Calculate variances in cost center accounting

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?

Select a different target cost version, or make sure that your entries
correspond to the requirements of the other areas.

Error message extract from SAP system. Copyright SAP SE.