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I have copied PT8.50 folder to my machine from the server. But when I tried to open application designer it gave me the error "This application has failed to start because the application configuration is incorrect. Reinstalling the application may fix this problem.".
Then I copied the vcredist folder from pshome to my PT8.50 folder and it worked fine.

However when I copied PT8.51 folder to my machine and tried to open application designer, it gives me the same error. PShome for PT8.51 donot have the vcredist folder in server. I am not sure whatelse to do to open application designer in 8.51