JDeveloper Cannot Establish Connection or Local Host Not Known When Connecting to Application Server

I updated to OS X Yosemite recently. After which, I experienced some issues with JDeveloper when trying to create a connection to an Application Server. I observed the following exceptions:

Testing JSR-160 Runtime ... failed.
Cannot establish connection.
Testing JSR-160 DomainRuntime ... skipped.
Testing JSR-88 ... skipped.
Testing JSR-88-LOCAL ... skipped.
Testing JNDI ... skipped.
Testing JSR-160 Edit ... skipped.
Testing HTTP ... success.
Testing Server MBeans Model ... skipped.
Testing HTTP Authentication ... success.

and

Testing JSR-160 Runtime ... failed.
Local host not known?!
Testing JSR-160 DomainRuntime ... skipped.
Testing JSR-88 ... skipped.
Testing JSR-88-LOCAL ... skipped.
Testing JNDI ... skipped.
Testing JSR-160 Edit ... skipped.
Testing HTTP ... success.
Testing Server MBeans Model ... skipped.
Testing HTTP Authentication ... success.

I went into OS X System Preferences and set my Computer Name to something other than MacBook Pro. I also clicked the Edit button there and set my Local Hostname: to the same value.

Also, check your /etc/hosts file for the proper alias, e.g. hostname.local

I had no more issue with JDeveloper connecting to an Application Server.