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As per the upgrade guide, it is necesarry to run GATHER SCHEMA STATS (for all schemas) . our DB is 2.8 TB and runing the same for all schemas is tedious and will consume more time and will not be a feasible option during productiokn upgrade.You need to run Gather Schema Stats before you start the upgrade (before your actual downtime starts) and this should not impact the upgrade downtime.
Oracle E-Business Suite Upgrade Guide Release 11i to 12.1.1 [ID 1082375.1]
11i and R12: Are there any recommended/ideal Percentages for running Gather Schema Statistics across e-Business Suite? [ID 1184276.1]