Yes, the dialog does indicate that your installation is at 14.5.5 which is most likely the cause of your issue. That build is nearly a year out of date. The current version is 14.6.6 as of 26 June.
Go to Help> Check for Updates, but before updating make sure to set MAU to check Automatically on at least a Monthly basis. Once the 14.6.6 update is applied run Disk Utility to repair disk permissions before launching any of the Office programs.
Note that if you don't have a constant internet connection you'll need to remember to manually check for updates on a periodic basis... MAU can check only if connected to the internet.
If you continue to have a problem reply with as much detail as you can provide, but it's pointless to chase symptoms if the software isn't current.