Powershell 2.0 Windows Server 2008 SP2 update does not apply to your system
You may have already installed it. Go into Programs/feature and add a windows component. Look for powershell, check it to complete install.
Heres the link for the Win mgmt framework. Pick the correct install from the bottom of the page and follownthe install instructions WimMgmt KB article
I believe the issue may occur in case when certain new Windows update(s) are installed before installing PowerShell 2.0. I had the same problem (with 64 bit version though) after installing Windows Internal Database Service Pack 4 for x64 Edition (KB2463332).