Hi,
It's recommended to upgrade MOM and collectors first because agents running on lower version can always connect to higher version of MOM and collector. I would suggest you to follow this approach if you don't have any test environment to replicate production like dave mentioned. There will be minimal impact where you have to restart complete setup at least once. Please do compatibility checks between MTP/ADA with latest version of APM before upgrading if you want MTP to be reported properly after upgrade of MOM and collectors.
1) Install latest version of MOM on a different location(Other than where actual MOM is running now). Ignore Postgres DB install here when prompted
2) Install latest version of collectors on a different location for all collector servers
3) Copy/Update necessary configuration from current running location to new installed location for both MOM and Collectors. For an example: IntroscopeEnterpriseManger.properties, domains.xml, realms.xml, tess-db-cfg.xml and other required configurations
4) Stop MOM and collectors from old running location and Start MOM and collectors from new installed location
5) Upgrade postgres DB
6) Upgrade MTP and ADA
7) Upgrade powerpacks, java agents and EP agents. I don't see any plan required when upgrading agents. you can upgrade in a parallel manner. But upgrade agents as a last step.
Thanks,
Karthik