For field '&1', no characteristic value '&2' exists

What causes this issue?

Characteristic value '&V2&' has not been entered in the master data for
field '&V1&'.
Compound characteristics are a particular sort of characteristic where
the characteristic value of one characteristic is always evaluated in
connection with the value of one or more other characteristics. This is
made clear in the possible entries (F4) where several columns of
characteristics are displayed. In this particular case, the
characteristic value you chose may be displayed separately but not in
combination with the characteristic values which you chose for the
other characteristics.

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?

Check your entry. If you meant to enter another characteristic value,
change your entry. You cannot use characteristic value '&V2&' until
you have created it in master data maintenance.

Error message extract from SAP system. Copyright SAP SE.