When performing an Upgrade from a previous PeopleSoft release (e.g. 8.9, 9.0. 9.1), customers should refer to Document 1495413.1 (PeopleSoft Financials and Supply Chain Management 9.2 Documentation Home Page), to link to upgrade documentation on specific upgrade paths. Within the upgrade documentation you can find the latest certified FSCM Update Image. 

PeopleSoft upgrades are only certified to one specific PUM Image at any given time which may or may not be the latest PUM Image. For example, currently (as of 8/19/2014), the latest certified path is to FSCM Image 5, but the latest FSCM Image available is FSCM Image 7. Once the upgrade is complete, the upgraded environment will have all fixed up to the certified Image (i.e. FSCM Image 5). After completing the upgrade, then the latest Update Image should be downloaded and used with PUM and Change Assistant to apply any additional fixes needed (fixes released after the certified Image and the latest Image) using the standard PUM processing.