EBS : ORA-04031: unable to allocate 3896 bytes of shared memory

Error:

04031, 00000, "unable to allocate %s bytes of shared memory (\"%s\",\"%s\",\"%s\",\"%s\")"
    *Cause:  More shared memory is needed than was allocated in the shared
         pool.
    *Action: If the shared pool is out of memory, either use the
         DBMS_SHARED_POOL package to pin large packages,
         reduce your use of shared memory, or increase the amount of
         available shared memory by increasing the value of the
         initialization parameters SHARED_POOL_RESERVED_SIZE and
         SHARED_POOL_SIZE.
         If the large pool is out of memory, increase the initialization
         parameter LARGE_POOL_SIZE.

Solution:

1 . Stop the application services
     adstpal.sh apps/apps
     CCM will not stop kill all the application Tier services

2. Bounce the database
    alter system switch logfile;
    alter system switch logfile;
    alter system switch logfile;
    shut immediate [if shut immediate does not bring down the database use shut abort]

3. Increase the shared_pool_size value in init.ora file

4. Start the database
     Startup

5. Start the application services
    adstrtal.sh apps/apps