Fixing damaged partition map. The operation couldn't be completed. (com.apple.diskmanagement error 5. Operation failed

I can’t do automatic backups to Time Machine anymore. I receive the error message:
“Unable to complete backup. An error occurred while creating the backup folder.”

I’ve run Disk Utility which gives me the following: “Fixing damaged partition map. The operation couldn’t be completed. (com.apple.diskmanagement error 5. Operation failed.”

It means your hard drive’s partition is corrupted. Try formatting your hard drive completely in the Partition Tab within Disk Utility in order to create a fresh file system.

Is there problem if i can’t formet it