There was one file missing for webcam and Mr Albert has helped me out. I have downloaded the same,extracted and pasted into Dell Webcam Central folder.
Now it shows me another error while trying to open the webcam.error mentioned below.
' The procedure entry point?CTLoadMUIAwareResourceLibrary@@YGJPBF000PAUtagCTMUIAWARERESOURCELIBRARYINFO@@@Z could not be located in the dynamic link library CTLoadRs.dll