Microsoft Office Setup: Previous Version of Office
If a previous version of Microsoft Office is installed, and you select a typical, custom, or complete installation, you must specify how setup should handle the previous versions of the Microsoft Office programs. You can choose to remove all programs from previous versions, keep all programs from previous versions, or remove only a selection of programs from previous versions. No personal data, such as files you have created or user preferences, will be removed.
Note If you are installing the new version of Microsoft Outlook, you cannot clear the Microsoft Outlook check box in the list of applications to remove. If you would like to keep your previous version of Outlook, you must first choose to not install the new version.