This issue is due to the fact that Office is missing critical installation files.

  1. Click on the Office circle in the upper left corner.
  2. Select PowerPoint options at the bottom of the screen.
  3. Choose Resources from the left menu.
  4. Click on the Diagnose button.
  5. Click on Continue.
  6. Click on Run Diagnostic.

Office will now run a diagnostic on various office components. If there are any issues found, this utility will attempt to fix it. Generally this issue is in the final step of the diagnostic.