This error code is known when you try to install different Microsoft Office licenses into the same system (e.g. Non-profit license or OEM license and you’re installing Retail license or Office 365 Subscription-based license) – Basically you cannot mix varies types of license in one system.
In this case, we had:
  • Microsoft Office Home and Business 2016;
  • Microsoft Project Professional 2016;
  • And we’re trying to install Microsoft Office 365 Business (Subscription-based license).
Similar error code, same issue:

We ended up with converting all of our office licenses to Office 365 (Subscription-based) license.
Tips: Use Microsoft’s easy fix tool to completely uninstall Office.

This is the Office 2016 + Project Professional 2016 (All of them are Office 365 Subscription-based License as they appear in Programs and Features)