Hi Ravi,
have you tried to simply write 2014.01 into cell I1 and then using =EPMOlapMember(I1,"[TIME_R].[PARENTH1].[2014.01]","Jan 2014","","000") in I4?
That way you can test if the problem lies with the EPMOlapMember formula or the way you work out what the period should be.
BR,
Arnold