Is any thing wrong if i create alter script on the entire database in analysis service in the development server SSMS and execute that script on the production server SSMS instead of deploying through BIDS?
no, you actually should never use BIDS to deploy to prod. BIDS will always overwrites the management settings(security and partition) of the target server.
the best option is to use the Deployment Wizard. It enables you to generate an incremental deployment script that updates the cube and dimension structures. Can customize how roles and partitions are handled. It uses as input files the XML output files generated by building the SSAS in BIDS and you can run on several modes:
If you want a complete synchronization, you can use the "Synchronize Database Wizard". It pretty much clones a database. When the destination database already exists, it performs metadata synchronization and incremental data synchronization. When the destination database does not exist, a full deployment and data synchronization is done.