SAP Message 7A311 - No progress cost element (category 61) found for cost element &

Diagnosis
There are two differnet cases where this error occurs. The situationdepends on the base for the earned value calculation:
Cost element plan
Cost element &V1& has not been assigned to a progress cost element.
Budget
No default progress cost element has been maintained.

System Response
No further processing.

Procedure
Please maintain the assignment of cost elements to progress costelements or define a default progress cost element in customizing.