Error code 2 or 50 | Creative Cloud desktop app update failed

When updating the Creative Cloud desktop app, you receive one of the following messages:  

Creative Cloud desktop failed to update. (Error code: 2) or (Error code: P2)

Error code 2 is due to an invalid PIM library reference.  

Creative Cloud desktop failed to update (Error code: 50) or (Error code: P50)

Error code 50 occurs if the system is unable to back up existing assets while installing.

How to fix error 2 and error 50