Cost center standard hierarchy for controlling area & does not yet exist

What causes this issue?

Cost center standard hierarchy &V1& for controlling area &V2& does not
yet exist.

System Response

The system cannot continue processing. The maintenance transaction for
the standard hierarchy is terminated.

How to fix this error?

You can create the missing cost center standard hierarchy &V1& in one
of two ways as follows:
Start the maintenance transaction for the cost center standard
hierarchy for controlling area &V2&. The system then displays a dialog
box informing you that standard hierarchy &V1& is missing and prompting
you to create the cost center standard hierarchy immediately. On this
dialog box, choose "Create" and then save your entries.
Access cost center accounting and create a cost center group with the
name &V1& in controlling area &V2&.

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.