This could indicate that the shortcut points to the main executable of Lenovo Photo Master that was moved, deleted or corrupted. The simplest way to overcome this issue is to simply reinstall the application. Your settings will be stored exactly as they are if you overwrite the installation.
Download the install package and continue with the install procedure. Since it's a streamable installer, your computer needs to be connected to the Internet.
Note: Before installing, scan your computer with the built-in/custom antivirus solution just to make sure there isn't anything that might corrupt the files.