Runtime is the time that your code runs (as opposed to compile time or link time).
In the context that you see, these are runtime libraries, those libraries that are needed to load an executable program.
This is dynamically linked material (DLLs or shared objects), since statically linked code cannot be absent (it is located in the executable file itself).
A classic example is to depend on the runtime of Microsoft C or .NET libraries, but not send them along with your product. This means that your executable file will be launched on any computer that already has these libraries (for example, with Visual Studio installed), but not necessarily on every computer on which you want to run your code.
I answered the question here regarding the difference between static and dynamic relationships, which I hope will add to your knowledge. Dynamic linking allows you to update specific parts of an application without recompiling or reusing it. You do this by dropping the new version of the DLL. Unfortunately, the presence of this code in a separate file means that it may be missing.
This will be one of the causes of the problem, but I suspect that it is most likely that someone did not execute their installation code very well, otherwise everything needed would be installed.
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