Essbase Error 1350005 during Dimension Build or Data Load Job (Windows)

For Essbase on Windows, if you encounter the following error when loading data or dimensions using a rule defined using an ODBC connection string,

Essbase Error(1350005): Attempt to connect to database failed with error 
[Specified driver could not be loaded due to system error 1114: A dynamic link library (DLL) initialization routine failed.

The solution is to install Microsoft Visual C/C++ 2015-2022 runtime version 14.40.33810 or higher. Oracle recommends installing the latest version.

See also the Prerequisites section of Install Essbase on Windows.