Hi Ravi,
in your final function you have too many arguments:
=EPMOlapMember(I1,"[TIME_R].[PARENTH1].[2014.01]","","Jan 2014","","000")
those are six arguments, but the EMPOlapMember function only has 5.
Could you try this one
=EPMOlapMember(I1,"[TIME_R].[PARENTH1].[2014.01]","Jan 2014","","000")
BR,
Arnold