No control cycle found for material &1, plant &2, PSA &3

What causes this issue?

For material &V1&, plant &V2&, production supply area &V4& a control
cycle cannot be determined.
Reason might be:
No control cycle that fits all three criterias does exit,
no control cylce with initial material that fits for plant and
production supply area does exit,
or the control cycle does exist, but it has a lifecycle status of "in
creation".

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?

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.