No access object for production version &1, product &2, location &3

What causes this issue?

No iPPE access object could be found for production version &V1&,
product &V2&, and location &V3&.

System Response

The system cancelled processing.

How to fix this error?

Possible sources of error:
Incorrect lot size
The assignment is ambiguous
Incorrect validity (or effectivity) date
Incorrect master data (missing production version for the
product/location, for example)

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.