The application has failed to start because its side-by-side configuration is incorrect

I had an unusual situation where I had gone on a vacation for a month and on returning back booted my system and found that some of my applications stopped working. Applications like MS Office (Word, Visio, Outlook, Excel, Powerpoint) and even Adobe reader stopped working. It came up with the following errors. In this article I am trying to explain how these errors can be resolved. I have described different options. I hope one of the options will work for you.