Well, turns out the Wikipedia article has the answer already:
WinG would also perform a graphics hardware/driver profiling test on the first execution of the program in order to determine the best way to manipulate the graphics hardware. This test showed a window full of red curved lines, sections of which would wobble as performance was tested. Once WinG ...
Microprose tried to be clever in using BIOS calls to detect which disk is present in the floppy drive. However, the information that install.exe is looking for gets lost somewhere in the many filesystem layers between it and the actual disk. This is not a problem unique to emulation; CD-ROM-based installation sometimes had trouble, as did some not-quite-...
If it doesn't work in DOSBox then take a look at PCEm. It's a PC emulator that lets you emulate specific machine configurations.
Try to set up an emulated machine that matches one of the computers that the program could be used with.
Will CODE (pcode 'executables') files from the II. p-System run correctly on the IV. p-System?
Quick answer: No
The roman numeral (I..IV) of the p-code system denotes the underlying p-code engine. They are incompatible with each other. Even though they are quite similar, the binary representation changed with each version.
Making them not (upward) ...