No target costs in target cost version & - missing plan for & &

What causes this issue?

In <DS:GLOS.target_cost_version>target cost version</> &v1&, no
<DS:GLOS.target_costs>target costs</> could be calculated for &v2& &v3&
from the <DS:GLOS.planned_costs>planned costs</> for one of the
following reasons:
No cost elements have been planned
No activity quantity has been planned

System Response

The lack of target costs means that:
No target costs can be shown in the report
The <DS:GLOS.variance_calculation>variance calculation</> process
cannot calculate differentiated variances

How to fix this error?

Plan the cost elements and activity types for the cost center.
<DS:TRAN.KP06>Proceed</>
Calculate the variances again. If you are working in reporting, select
a report that does not require target costs.

Error message extract from SAP system. Copyright SAP SE.