Running out of memory space; see long text

What causes this issue?

The memory limit (profile parameter abap/atrasizequota) was reached or
will be reached with the next measurement.

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?

Delete some performance files. If they are still needed, transfer them
to your local hard disk first. You can upload them again later if
necessary. If you chose to ignore this message - that is, do not delete
any performance files and continue to create new messages - you should
first ensure that there is sufficient free storage space in the
directory specified with the profile parameter abap/atrapath.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.