Due to a problem in the Quartus® Prime Pro edition software version 16.1 or earlier, the Update Memory Initialization File option is missing from the Processing menu.
Intel Software: Quartus Prime Pro
To work around this problem, use command line:
quartus_cdb --update_mif <project name>
quartus_asm <project name>
This problem is scheduled to be fixed in a future release of the Quartus Prime Pro edition software.