Best way to migrate Applications across environments of different versions

Hello Gurus,
Source EPM Environment - EPM 11.1.1.3
Target EPM Environment - EPM 11.1.2.2
What is the best way to migrate applications for Planning , Essbase , HFM and also the related reports from 11.1.1.3 to 11.1.2.2 .
Any help will be highly appreciated..
Thanks
HyperEPM.

I tried with upgrading the application and it was done pretty smoothly as compared to the LCM import export method.
Now what would be the feasible way to move all the applications when following is the scenario and we need a minimum downtime.
1. Move from EPM 11.1.1.3 to EPM 11.1.2.2
2. DB used to configure EPM 11.1.2.2 should be fresh and not the existing one.
3. We want to move all the applications across to EPM 11.1.2.2 on the freshly configured EPM 11.1.2.2.
4. Move all the applications intact across the version.
Thanks
HyperEPM

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