Once you start the script, it will download everything that you need directly from Microsoft's servers and install all of them for you. You do not need your installation DVDs or to have downloaded the latest updates.
The best part of the script is that it does not require you to have any of the necessary parts. So I wrote a shell script because that's what I do to solve these sorts of problems. I own Microsoft Office 2011 and wanted to make the process of installing it easier, since I own several Macs and have this habit of reinstalling OS X frequently.