There are many “solutions” for this issue online, including an MS article that does not resolve the problem.
As this is my notepad and I always prefer to keep it short as I personally HATE when I see a simple fix wrapped in two pages article.
So, if “Configuration progress” happens to you, let it configure, then close Excel/Word and browse to C:\Program Files (x86)\Common Files\microsoft shared\OFFICE14\Office Setup Controller\ folder and rename setup.exe to setupWhatever.exe.
Run office again.
Thats you sorted.