Oracle Solution for Error ora-04031

ORA-04031: unable to allocate string bytes of shared memory ("string","string","string","string")

What triggered the Error:

More shared memory is needed than was allocated in the shared pool.

What should we do to fix it:

If the shared pool is out of memory, either use the DBMS_SHARED_POOL package to pin large packages, reduce your use of shared memory, or increase the amount of available shared memory by increasing the value of the initialization parameters SHARED_POOL_RESERVED_SIZE and SHARED_POOL_SIZE. If the large pool is out of memory, increase the initialization parameter LARGE_POOL_SIZE.