Resolving MSB3247 - Found conflicts between different versions of the same dependent assembly

Sometime back I got a warning in Visual Studio 2019 to the effect captured in the title of this post. I followed a suggestion from StackOverflow to diagnose the cause of this error and turned on the verbose diagnostic of the MSBuild tool. As far as I could understand, the cause of the error was different DLL versions that some packages depended upon. It's not possible to have multiple versions of .NET Framework DLLs on the same machine. Then I hit upon the following link while googling the Internet

The fix was as simple as running Update-Package -reinstall in the Package Manager Console of VS 2019.