HC 5.1 uses an updated version of WebKit which is the library that renders the Start Page, Dashboards, and User Manual. This new version uses certain Windows DLL functions that were added in Windows Update KB2999226 (the "Universal CRT" update). If you're up to date on windows updates you should have the new DLLs ("vcruntime140.dll" and "api-ms-win-crt-runtime-l1-1-0.dll"). Alternatively you can manually download the missing files here Visual C++ Redistributable for Visual Studio 2015.
"I successfully launched and ran 5 other Windows programs." - Just because it's a Windows program it doesn't mean it needs to use those new DLLs. HC 5.1 does though and it can't find them.
"And if it's a Windows issue, why would the error message say "Try reinstalling?"" - That error message is a generic message FlexSim shows you when it can't find a file it needs. Usually a program installs all the files it will need to use so re-installing often fixes problems like this. However, this DLL is not included with FlexSim because Windows has already included it (as long as you're on a recent update).
Matthew Gillespie
FlexSim Software Developer