Cognos Error: SDK-ERR-0001

Symptom
When logged into Cognos Express Manager and trying to install one of the 3 modules, the following errors appear:

SDK-ERR-0064 Installation of Xcelerator failed:
or
SDK-ERR-0064 Installation of Advisor failed:
or
SDK-ERR-0064 Installation of Reporter failed:
SDK-ERR-0001 Discovery path: //server/share/Modules, not found

Cause
UNC path are not supported for Cognos Express

Solution
Steps
1. Copy the installation source to a local directory of the Cognos Express server.
2. Uninstall Cognos Express
3. Reinstall Cognos Express using the local directory