Symptoms
Error encountered during deployment via K2 Studio or Visual Studio:-
Deployment Failed:
SourceCode.Configuration.ConfigurationNotInitializedException: Please ensure that the needed configuration node(s) are configured in your configuration file d:program files (x86)k2 blackpearlhost serverBinK2HostServer.exe.Config. Please refer to the help documentation for further details.

Diagnoses
This isssue is happening persistently regardless of SmartObject or Workflow depoyment.

Resolution
It was found out that this section in K2HostServer.exe.config is pointing to C Drive instead of D Drive
"<sourcecode.configuration managerConfigFile="C:Program Files (x86)K2 blackpearlConfigurationConfigurationManager.config" productPath="C:Program Files (x86)K2 blackpearlBin" templateConfigFile="" />"

Resolved after correct the drive followed by Blackpearl service restart.