Solution
One possibility is that your project contains a Packed Project Library (PPL) that has inlined VIs. This is a
known issue with LabVIEW 2011. During the build/compile process, LabVIEW tries to re-compile the PPL. However, because the VIs are inlined, it fails due to the VIs missing their block diagrams. This does not happen outside of the build process, thus no broken VI arrow appears in the development environment.
To remove this error try either:
1. Rebuild the PPL and under the Advanced Build Properties select enable debugging to retain the PPL's block diagrams.
2. Remove the PPL from the project and use the original un-packed library.