Retrieving the COM class factory for component with CLSID {BA785E28-3D7B-47AE-A4F9-4784F61B598A} failed due to the following error: 80070005. (Microsoft.SqlServer.ManagedDTS)

Trying to access SSIS (DTS) on Microsoft SQL 2008 with SSMS (SQL Server Management Studio) on Microsoft Windows Server 2008 gave the above error. Trying to create a maintenance plan provided the same error, since it uses SSIS. There were indications online that I should try running SSMS with elevated permissions using the ‘Run as administrator’ option on the context (right-click) menu, however that provided a “The parameter is incorrect” error on startup. Eventually I discovered that the disk that the SQL tools were installed on did not have default (R+X) permissions to the local users group. Once I added this group, I was able to connect to SSIS and create a maintenance plan without issue.