Problem: (Sql server 2014) This issue happens when assembly Microsoft.SqlServer.management.sdk.sfc version 12.0.0.0 not found by visual studio.
Solution: just go to http://www.microsoft.com/en-us/download/details.aspx?id=42295 and download:
- ENU\x64\SharedManagementObjects.msifor X64 OS or
- ENU\x86\SharedManagementObjects.msifor X86 OS,
then install it, and restart visual studio.  
PS: You may need install DB2OLEDBV5_x64.msi or DB2OLEDBV5_x86.msi too.
Problem: (Sql server 2012) This issue happens when assembly 
Microsoft.SqlServer.management.sdk.sfc version 11.0.0.0 not found by visual studio.
Solution: just go to http://www.microsoft.com/en-us/download/details.aspx?id=35580 and download:
- ENU\x64\SharedManagementObjects.msifor X64 OS or
- ENU\x86\SharedManagementObjects.msifor X86 OS,
then install it, and restart visual studio.
Problem: (Sql server 2008) This issue happens when assembly 
Microsoft.SqlServer.management.sdk.sfc version 10.0.0.0 not found by visual studio.
Solution: just go to http://www.microsoft.com/en-us/download/details.aspx?id=26728 and download:
- 1033\x64\SharedManagementObjects.msifor X64 OS or
- 1033\x86\SharedManagementObjects.msifor X86 OS,
(In most cases downloading this is better http://go.microsoft.com/fwlink/?LinkId=123708&clcid=0x409)
then install it, and restart visual studio.
Problem: I recently got similar problem after installing 
SharedManagementObjects. assembly 
Microsoft.SqlServer.ConnectionInfo, Version=12.0.0.0 not found by visual studio. The problem was 
Visual C++ Redistributable Packages for Visual Studio was not installed yet.
Solution:  for Visual Studio 2013 just go to http://www.microsoft.com/en-us/download/details.aspx?id=40784 and download:
- vcredist_x64.exefor X64 OS or
- vcredist_x86.exefor X86 OS,
then install it, and restart visual studio.
PS: You can find Visual C++ Redistributable Packages for Visual Studio 20XX for other versions of Visual Studio easily by googling it.