Existing standard cost estimate cannot be used

What causes this issue?

This error appears under the following circumstances:
The existing standard cost estimate cannot be used for backflushing
activities as the repetitive manufacturing profile was not maintained
correctly when the standard cost estimate was carried out.
The standard cost estimate must come from product costing. Other cost
estimates (such as base object controlling) are not possible.

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?

The repetitive manufacturing profile assigned to the material at the
time of the planned cost estimate must be a profile for repetitive
manufacturing with product cost collector.
Use product costing to create the standard cost estimate.

Error message extract from SAP system. Copyright SAP SE.