"The update release could not be installed because the expected Autodesk product could not be located on your computer. Make sure that you are using the correct update release for the product."
There are two basic reasons for this error:
1. You have the wrong release number ie. trying to install 2012 on 2013
2. You have the wrong type of product grouping ie. Standalone or Building Design Suite
as part of the design suite
More on this can be found on this forum: