Hope this link helps: http://helpx.adobe.com/photoshop-elements/kb/microsoft-c-runtime-error-launcing.html.
If the suggestion on the link does not work. Uninstall the application, restart the system and re-install the application again.
Thanks for the help. The fix worked. Gratefully David Evans
What does uninstall the application mean, please? Do you mean uninstall pse 11 in this case? Thank you.