Microsoft has updated / fixed service pack 2 for it's mac office suite. Current version is now 14.2.1 and is said to correct the issues caused by the origninal 14.2 update where some users database was corrupted. (see previous post here)
You can find the download and instructions from Microsoft here. "Additional information" for troubleshooting the install is quoted here from Microsoft.
If you have trouble installing this update or using Office 2011 applications after you install this update, try the following:
Make sure that the Microsoft Office 2011 folder is located in the Applications folder on the startup volume. If it is at another location on your computer, move it to the Applications folder on your startup volume, and then try installing the update again. Restart your computer and try installing the update again. Make sure that the user account you use to authenticate the update installer is an administrator account. For more information about administrator accounts, see Mac Help. Make sure that you downloaded the correct language version of the update for your copy of Office. If you rename or modify any of the files in the Microsoft Office 2011 folder, you cannot install product updates. To correct this issue, drag the Microsoft Office 2011 folder to the Trash, and then reinstall Office 2011 from your original installation disk. If you experience problems opening Office applications after you install this update, restart your computer. If you continue to experience problems after you restart, reinstall Office from your original installation disk, and then install this update again.