Error: the application on which this type of project is based was not found

I installed VS2012 and tried to open a project that was developed using VS2012, as well as another developer. But I get an error as shown below. I googled an error message and found that most MVC projects have the same problem and found solutions for them. But my project is not MVC. The original developer said it was a Light Switch and Entity Framework project. How can I start a test shoot to find out what I am missing on my computer and solve this problem?