Description of the problem:
Project 2016 and Visio 2016 installation stops with error notification (see image below). You'll get this error message if you try to install an Office 365 product or a standalone Office 2013 or Office 2016 application (like Access, Visio, Project, Skype for Business, or OneDrive for Business) when you have the 2013 or 2016 versions of Microsoft Office Professional Plus or Microsoft Office Standard already installed on your computer. More info about the error.
Solution:
1. Remove all conflicting Microsoft application (conflicting application will be listed in the error message similar to what you see in the image above).
2. Install Office 2016 from Office 365 website: http://ist.njit.edu/software/display.php?id=738 . You will need Office 365 account, which you can create from the following website: https://products.office.com/en-us/student/office-in-education or directly from the IST Software Download website.
3. Install Project 2016 or Visio 2016.