Jet Reports Automation Error with NAV 2009 SP1

Overview

When using Microsoft Dynamics NAV 2009 SP1 with any compatible version of the Jet Excel add-in, you may encounter the following error:

Complete text of error message is:

Automation error

This application has failed to start because the application configuration is incorrect.  Reinstalling the application may fix this problem.

Cause

One or more necessary files for the Microsoft Visual C++ Redistributable Package were not found.

Resolution:

Install the Microsoft Visual C++ Redistributable Package.