Application & and action profile & cannot be initialized

What causes this issue?

The context manager for application &v1& and action profile &v2& could
not be generated.

System Response

The function cannot be executed.

How to fix this error?

Check the Customizing of application &v1&.

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.