Apparently this happens when the Microsoft Office Click-to-Run Service
become disabled. In my case I completely disabled it instead of setting it to manual start some time before the error occurred, and forgot that I did it. THIS page has some additional useful information and solutions for related errors.
Solution-1
Find the windows service application and run it. Then look for the Click-to-Run entry and make sure it is set to start. Then start it manually and try starting word (or excel etc) again.
Alternatively, if you're a command line junkie, you can accomplish the same through the Admin CMD window or Power Shell:
sc config clicktorunsvc start=auto
sc start clicktorunsvc
For other error and more details, see the link I provided.
Explanation can be found in the link of my own answer. Your answer can indeed be right as a second solution if mine fails, so no need to down vote this. – not2qubit – 2016-08-02T06:33:36.943