Gui automation is generally done through the "System Events" app.
Also you need to provide a full path to a file before trying to open it.
This is how you would begin your attack on PowerPoint correctly.
set p to POSIX file "/Users/drew/Desktop/file.pptx"
tell application "Microsoft PowerPoint"
launch
open p
end tell
delay 2
tell application "System Events"
tell process "PowerPoint"
click menu item "Save as Pictures..." of menu 1 of menu bar item "File" of menu bar 1
end tell
end tell