Error while exchanging data with Microsoft Project

What causes this issue?

During data exchange with Microsoft Project, a problem arose that could
have the following causes:
Microsoft Project is not correctly installed on your PC.
The SAPGUI component CRM-ADDON is not correctly installed on your PC.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Check that Microsoft Project '98 or MS Project 2000 is correctly
installed on your PC.
Check that the SAPGUI component CRM-ADDON is correctly installed on
your PC.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.