Update problems are pretty rare, and usually only occur if you've messed with your Office installation in some way. The four most common ways of doing this are as follows:
1. You've run an app like Monolingual or Xslimmer to remove language files or architectures.
2. You've manually removed anything from the Office folder (instead of running the Remove Office tool to get rid of stuff you don't need).
3. You've moved your Office installation from the Applications folder to anywhere else.
4. You are using an invalid Product Identifier key.
If you've done (1) or (2), you're going to have to reinstall. While you're reinstalling, make sure that you do a custom install so that you're not installing stuff you don't use. For example, I always do a custom install and de-select all the proofing tools for other languages, 'cause I know that the Norwegian proofing tools aren't going to be of any use to me.
If you've done (3), you should be able to fix the issue by moving it back to the Applications folder. If that doesn't work, then you'll have to reinstall. I've heard of some workarounds for this, such as the one outlined
here, but any kind of workaround like this is done at your own risk. I haven't tried it myself, and if it somehow breaks your Office installation in new and interesting ways, you'll have to reinstall.
If you've done (4), you'll need to get a valid Product Identifier key.
Regards,
Nadyne.