How to fix “failed to save modifications to the server” error while creating the calculated column in SharePoint?

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While creating the calculated column in SharePoint, sometimes we may get the below error:

Failed to save modifications to the server. Error returned: ‘An unexpected error occurred (file ‘tmmdmodeltm.cpp’, line LineNumber, function ‘MDModelTM::CreateHierIterRequest’).

Root cause of the error:

Assume that you use a database with compatibility level set to 1200 in Microsoft SQL Server 2016 Analysis Service (SSAS 2016) tabular mode. When you process a table that has calculated columns or calculated tables, you may fail to save your modifications to the server and receive an error message that resembles the following:

Resolution:

This issue is fixed in the following cumulative update for SQL Server:

Cumulative Update 3 for SQL Server 2016 SP1

References:

https://support.microsoft.com/en-us/help/4018955/fix-error-when-you-process-a-calculated-column-on-a-database-with-comp