Normally I would check vendor's documentation for installation prerequisites, but as I did not have access to any product documentation I had no choice but to investigate myself. My initial hunch was to check the Event Viewer's Application log for error messages, but I came up empty.
Next, I opened the ActiveRoles.msc file in Notepad++. It referenced two CLSID: {C96401CC-0E17-11D3-885B-00C04F72C717} and {D50F5BB7-337F-4A59-8797-BDA0B7DC1DF0} (the one shown in the error message). The first CLSID references mmcndmgr.dll and is used by default in all consoles. The only purpose of this snap-in is to create a sub-section in the console root. The second CLSID corresponds to the file C:\Program Files\Dell\Active Roles\7.1\Console\ActiveRoles.msc. So I still had nothing.
After some more digging around the customer's base Windows Server 2012 R2 image, I noticed that the installation did not include various Microsoft Visual C++ runtimes. As a rule of thumb, I always include following Visual C++ runtimes in the reference image because a lot of applications out there are dependant on one or multiple VC++ libraries: 2008, 2010, 2012, 2013 and 2017.
Once I built and deployed the Visual C++ bundle, I could start the Active Roles console and the issue was resolved.