The above installation log shows it ran into an issue with the HPDM Database setup:
5-27-2016 07:41:06 | ERROR | Launch DBSetup application successfully, but the result of execution is FAILED.
5-27-2016 07:41:06 | ERROR | Fail to initilize HPDM Database, please check and reinstall.
To further troubleshoot the issue you would need to check the dbsetup log which can be found here:
C:\Program Files (x86)\Hewlett-Packard\HP Device Manager\Server\conf\hpdm-dbsetup.log
I suspect you might have run into a known issue with the 3rd Party PostgreSQL which is also stated in the HPDM Release Note of SP1/SP2:
In the course of HPDM 4.7 SP1/SP2 installation, the database upgrading process might fail for PostgreSQL due to the unstable behavior of PostgreSQL 8.3 service on some new Windows Server Operating Systems like Windows Server 2012 R2. The solution is to reboot the system and run the service pack installer again without uninstalling anything. The 4.7 SP1 should get installed after 1 or 2 retries. If it keeps failing with local account, please try to run the installer with a domain account with local Administrators privilege.