SSAS error "The operation has been cancelled because there is not enough memory for the application" when there is still a lot of memory available

In SQL Server Analysis Services (SSAS), you may encounter the following error message in the Logmsmdsrv.log file. Error(s): Server: The operation has been cancelled because there is not enough memory for the application. If using a 32-bit version of the product, consider upgrading to 64-bit version, or increasing the amount of memory available on the machine.