whenever I try to launch, I get the following error message and the game closes.

I have tried setting a dedicated graphics card (the laptop troubleshoot) as well as the workaround for having an intel 10+ chip

neither have solved the issue that prevents the game from launching. any help would be appreciated. thanks!

You could try this fan-made patch:
https://github.com/ubipred/QFG5Patcher

I haven't tried it, so I don't know if will solve the problem or not. The other advice I can give you it to install the game on a folder other than C:\Program Files\QFG5, like C:\games\QFG5. Program Files is notoriously bad to run old games.

Make sure you run the game with Administrator privileges.

Check the bottokm of this link for more:

www.pcgamingwiki.com/wiki/Quest_for_Glory_V:_Dragon_Fire