Cannot start service QsRUMController on computer after upgrading from QMM 8.3 to QMM 8.5 (4353358)

This following issue might occur only after you upgrade from QMM 8.3 to QMM 8.5:
OpenProjectWizardstarts, clicking Next - Next - Next and then the following error will appear:
---------------------------
Open Project Wizard
---------------------------
The following error occurred when setting up project access permissions for Resource Updating Manager controller service:
Cannot start service QsRUMController on computer ..
---------------------------
OK
---------------------------
If you try to start the service manually you will receive the following error:
C:\Documents and Settings\Administrator.EX22>sc start qsrumcontroller
[SC] StartService FAILED 1053:
The service did not respond to the start or control request in a timely fashion.