Purchase Order Creation could not be initiated. Please check with your system administrator (Doc ID 2238699.1)

Another example of debug log messages is as follows:

FND debug log shows below error details:
po.plsql.PO_INTERFACE_S.calculate_local.BEGIN Start of subprogram.
JG: Globe Util 100
JG: Globe Util ORA-01403: no data found
po.plsql.PO_INTERFACE_S.calculate_local.END End of subprogram.
po.plsql.po_message_s.CREATE_DOCUMENTS.020.EXCEPTION ;SQLERRM = ORA-06550: line 1
PLS-00302: component 'UPDATE_PROC_PLAN_FOR_FPS' must be declared
ORA-06550: line 1
PL/SQL: Statement ignored 3706
po.plsql.PO_INTERFACE_S.create_documents.END End of subprogram.
pon.plsql.pon_auction_create_po_pkg 2.4. Completed PO_INTERFACE_S.CREATE_DOCUMENTS for auction 293522 and bid 317829 at Mon 13-Mar-2017 13:26:59
pon.plsql.pon_auction_create_po_pkg 70.GENERATE_POS: Just after create_documents: x_return_status=U x_num_lines_processed= x_order_number=
pon.plsql.pon_auction_create_po_pkg after create_documents: x_error_code=3
wf.plsql.wf_event.enqueue.qhandler_callout End executing queue handler - WF_EVENT_QH [End time 539340480] [Time taken - 0 secs]
pon.plsql.PON_AUCTION_PKG.UNSET_SESSION_LANGUAGE Entered the procedure; g_original_language : AMERICAN
pon.plsql.PON_AUCTION_PKG.UNSET_SESSION_LANGUAGE calling dbms_session.set_nls with g_original_language : AMERICAN
pon.plsql.PON_AUCTION_PKG.UNSET_SESSION_LANGUAGE Setting PON_AUCTION_PKG.SessionLanguage to g_original_lang_code : US
pon.plsql.PON_AUCTION_PKG.UNSET_SESSION_LANGUAGE Setting PON_AUCTION_PKG.SessionLanguage : US
pon.plsql.pon_auction_create_po_pkg 0 START_PO_CREATION 3. AFTER START_PO_WORKFLOW for 293522 initiated by USERNAME for email PON_AUC_PO_ALLOC_REQS_FAIL at Mon 13-Mar-2017 13:26:59 with p_resultout =
pon.plsql.pon_biz_events_pvt.RAISE_PO_CREATION_INIT_EVENT is being called
pon.plsql.pon_biz_events_pvt.raise_event 10.4 Called the WF_EVENT.TESTl_exist:NONE
pon.plsql.pon_biz_events_pvt.raise_event 10.5 l_parameter_list is initialized
pon.plsql.pon_biz_events_pvt.raise_event There is no such event by name: oracle.apps.pon.event.purchaseorder.initiate. Business Event is not raised
pon.plsql.pon_auction_create_po_pkg 0 START_PO_CREATION 4.Finished PO Creation for 293522 initiated by USERNAME for email PON_AUC_PO_ALLOC_REQS_FAIL at Mon 13-Mar-2017 13:26:59 with final p_resultout=F
pon.outcome.creation.webui.CreatePOCO redirectToCreatePOErrorPage for auction 293522
pon.outcome.creation.webui.CreatePOCO.getCreatePOLink Entered getCreatePOLink
pon.outcome.creation.webui.CreatePOCO.getCreatePOLink Entered getCreatePOLink
fnd.common.WebAppsContext oracle.apps.fnd.common.WebAppsContext.getLocalJDBCConnection(): BEGIN
fnd.common.WebAppsContext oracle.apps.fnd.common.WebAppsContext.getLocalJDBCConnection(null
fnd.common.WebAppsContext oracle.apps.fnd.common.WebAppsContext.getLocalJDBCConnection(null
fnd.common.WebAppsContext oracle.apps.fnd.common.WebAppsContext.getJDBCConnection(null
fnd.common.WebAppsContext oracle.apps.fnd.common.WebAppsContext.getJDBCConnection: END: returning weblogic.jdbc.wrapper.PoolConnection_oracle_jdbc_driver_T4CConnection@xxxx
fnd.common.DBResourceStore Added to Cache: mResText=Purchase Order Creation could not be initiated. Please check with your system administrator.; mResID=0; mResType=null; mLogSeverity=0; mAlertCategory=null; mAlertSeverity=null
fnd.common.WebAppsContext oracle.apps.fnd.common.WebAppsContext.releaseLocalJDBCConnection(weblogic.jdbc.wrapper.PoolConnection_oracle_jdbc_driver_T4CConnection@a9c5c): : BEGIN
fnd.common.WebAppsContext oracle.apps.fnd.common.WebAppsContext.releaseLocalJDBCConnection: END
fnd.framework.OAException Purchase Order Creation could not be initiated. Please check with your system administrator.