Events 1001, 1004 & 1015

I have been getting a number of event log errors on my SP 2010 server similar to the Event 1004 shown below:

Log Name:      Application
Source:        MsiInstaller
Date:          07/05/2010 10:27:31
Event ID:      1004
Task Category: None
Level:         Warning
Keywords:      Classic
User:          NETWORK SERVICE
Computer:      SPSERVER.domain.internal
Description:
Detection of product '{90140000-104C-0000-1000-0000000FF1CE}', feature 'PeopleILM', component '{1C12B6E6-898C-4D58-9774-AAAFBDFE273C}' failed.  The resource 'C:\Program Files\Microsoft Office Servers\14.0\Service\Microsoft.ResourceManagement.Service.exe' does not exist.

I was also getting similar errors for other folders in the 'C:\Program Files\Microsoft Office Servers\14.0' path, so I resolved it by assigning Read permissions on the 14.0 folder to the NETWORK SERVICE user.