NOTE:
According to the Strategy Upgrade Guide - Chapter 3: Section: Updating your Enterprise Manager Project, there are three ways to update the Enterprise Manager Metadata (Project):
In order to perform the third one, a 2-Tier connection to the out-of-the-box Enterprise Manager Metadata must be created. This Metadata comes by default in a Microsoft Access file. For further reference about this subject, check the referred Strategy manual.
SYMPTOM:
In Strategy Developer 9.x - 10.x, the following error message is thrown when connecting to the out-of-the-box Enterprise Manager Metadata in 2-Tier:

Error Type: Odbc error. Odbc operation attempted: SQLExecDirect. Operation must use an updateable query.