Receiving this error - when running a period that has no data.

Trying to understand a little more about this instance. This message appears when trying to run a period that has no data. Some questions have emerged around:

• Can we customize this message? (Thinking no, it is standard OOB message describing what is happening).
• What is happening? Does the data require consolidating in order to be leveraged? 
• Under what circumstances would you receive this message relating to dashboards?