The plain response "File Not found" may indicate you are not finding the command "installer" in the specified directory. If you found installer, but made an error in its syntax or the source to be installed was missing, I would expect to get the built-in syntax help:
Usage: installer \[-volinfo] \[-pkginfo] \[-allow] \[-dumplog] \[-help] \[-verbose | -verboseR] \[-vers]
\[-config] \[-plist] \[-file <pathToFile>] \[-lang <ISOLanguageCode>] \[-listiso]
-pkg <pathToPackage> -target <mountPoint>
If you are adventurous, you can use the "cd" command to change the default directory, and the "ls" command to list what is there.
"cd /" takes you to top-level at the default Drive.
"ls" shows you the files and folders that are there, including a folder named "Volumes".
"cd Volumes" takes you down one level from your current location into the Volumes folder.
"ls" shows you the names of the available volumes.
N.B.: Your mounted .dmg should also show up as a Volume! (If not, it did not get mounted properly in step 12).
"cd PWRBKHD" (or whatever the name of your Hard Drive) takes you to your Hard Drive.
"ls" shows you the files and folders available, including one called usr
"cd usr" takes you down a level into the usr sub-directory
"ls" and shows what is in the usr sub-directory. sbin should be there.
"cd sbin" takes you into the directory where you expect to find installer among dozens of other executable commands.
"ls" shows you all their names. At this point, you should see that installer is among them. and be able to just enter installer (no prefixes) and the -pkg parameter and its full pathname, and the -target parameter and its full pathname.