DPM 2016 Agent install fails with Error 347: An error occurred when the agent operation attempted to create the DPM Agent Coordinator service

Symptoms
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When you try to protect Windows Server 2008 or Windows Server 2008 R2 by installing the Microsoft System Center 2016 Data Protection Manager (DPM) Agent, the installation fails, and you receive one of the following error messages:

• When you try to install the agent from the DPM console:

Install protection agent on %servername% failed:
Error 347: An error occurred when the agent operation attempted to create the DPM Agent Coordinator service on %servername%.
Error details: The service did not respond to the start or control request in a timely fashion
Recommended action: Verify that the Agent Coordinator service on %servername% is responding, if it is present. Review the error details, take the appropriate action, and then retry the agent operation.

• When you try to install the agent manually on the protected server:

The program can’t start because mi.dll is missing from your computer. Try reinstalling the program to fix this problem.

Cause
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This issue typically occurs because a prerequisite is not installed. Most frequently, Windows Management Framework (WMF) needs to be updated.

Workaround
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To work around this issue, follow these steps:

1. Upgrade Windows Management Framework (WMF) on the production server to version 4.0.
2. Make sure all other prerequisites are installed.
3. Again try to install the DPM Agent.