I would add the following:
Identify the type of architecture your splunk environment contains(standalone, distributed, indexer clustering, search head clustering, premium apps(ITSI/ES/etc)).
Read the Known Issues for the version you are planning to upgrade to.
Read New Features for the version you are planning to upgrade to.
Confirm your apps are compatible to the version you upgrade to.
If possible test the upgrade in a replicated "dev" environment to ensure functionality of all your apps/add-ons/etc.
Review functionality changes for new versions + outdated configs.
Backup your data.
Standalone:
https://docs.splunk.com/Documentation/Splunk/7.2.6/Installation/HowtoupgradeSplunk
Distributed:
https://docs.splunk.com/Documentation/Splunk/7.2.6/Installation/UpgradeyourdistributedSplunkEnterpriseenvironment
Indexer Cluster:
https://docs.splunk.com/Documentation/Splunk/7.2.6/Indexer/Upgradeacluster
Search Head Cluster:
https://docs.splunk.com/Documentation/Splunk/7.2.6/DistSearch/UpgradeaSHC
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