The server application, source file, or item cannot be found. Make sure the application is properly installed, and that it has not been deleted, moved, renamed or blocked by policy.
Status: Microsoft has confirmed that this is a problem in the Microsoft products that are listed at the beginning of this article.
To disable the PowerPivot add-in using the Registry Editor, click Start > Run and type regedit, then press Enter. Navigate to HKEY_CURRENT_USER\Software\Microsoft\Office\Excel\Addins\Microsoft.AnalysisServices.Modeler.FieldList . Right click the LoadBehavior key and choose Modify. Change the value from 3 to 0 and then click OK and exit the Registry Editor.
A similar issue exists for PowerPoint 2010. For more information, see http://support.microsoft.com/kb/2776957
For more information on the PowerPivot addin, see http://office.microsoft.com/en-us/excel-help/powerpivot-add-in-HA101811050.aspx