Hi Prasanna,
it is possible to add other BW queries as data sources in SPM. To do so go to Administration >> Analysis Administration.
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Click on General then New Data Source.
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Enter the Technical Name of your query and click get status. Once it shows Connected fill in the Time Frame information and click Ok
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To use the new BW query in the SPM UI go to the user preferences and change the Data Source to your new query. Click Apply and OK
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Now when you open a new report in the SPM UI it will use the new query as the data source.