Sybase Error - Database dump failed with no space left on device error

The 'shmget' call failed for database/archive device while working on stripe device /backup/sybdumps/Server1.xxx' with error number 28 (No space left on device). Refer to our operating system documentation for further details.

The above specified error occurred while backing up Sybase databases i.e. when database dump is being performed.

Tried the following options:

please see the attachment for complete solution.