Object name &1 reserved for generated objects in package &2

What causes this issue?

The object name belongs to a protected name range.
This name is used by generation functions and is reserved for the
package &V2&.

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?

Create object:
Choose another object name. If you wish to retain the object name for
any particular reason, enter &V2& as the package. The object is
automatically flagged as generated, when created.
Change object:
It is possible to change the object in order to make repairs possible.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.