The error is output if you create an executable variant with the transaction code wizard.
Error message
The model contains no transaction for which a variant could be created.
Cause
To create a variant, a master must exist. You can create a variant based on a master only if the type of the master in SAP® Solution Manager is allowed for variant creation.
Solution
Create a master, for example, of the SAP transaction or Programm type. You can use the wizard to do so, or use existing masters and place them in the model. The master will then be available for creating a variant.