Error Creating X Modules in SKF Analysis and Reporting Manager

When the embedded version of SKF Analysis and Reporting Module (ARM) is
launched from within @ptitude Analyst, the error message in Figure 1 is displayed.
This article provides a way to resolve the error.

                Figure 1. Error creating X Modules

  "Retrieving the COM class factory for component with CLSID E712CE0E-4C7B-40E6-B4EE-
   1ED807F38A7B} failed due to the following Error: 80040154”