Howto fix the MSVCR71.dll is Missing Error

I run a lot of different software packages on my bench system to perform analysis on hardware. Because of this, I run into a lot of software issues that many of you face or will face. Typically, the fixes are easy and not do difficult to find. Recently, I received an error stating "The program can't start because MSVCR71.DLL is missing from your computer. Try reinstalling the program to fix this problem." Well, here is the confusing part, MSVCR71.dll is supposed to be part of Microsoft's Visual C++ Package and it seems like they just left it out!