Registration Error while Installing SLIK-DA on Windows 7

During the installation an error appears:

An error occurred during the installation of assembly...

Clicking Okay results in the following error pop-up:

The specified product is not associated with the Registration Wizard "SLIK-DA ActiveX Control 5.0".

What does this error mean?

This error occurs during installation if the account does not have full administrative privileges on the machine.

Properly install the software by:

Logging in with an administrator account and running the installer.
Right clicking on the installer .exe and choosing the option to Run As Administrator. Provide a valid admin user name and password.

It is also possible to manually register the .dlls by calling regsvr32 on the .dll. This will also need to be done using an administrator account through one of the two ways listed above.