1. A method for classifying data elements, said method comprising the steps of: identifying a plurality of data elements stored in a data warehouse system to be classified into one or more levels of a business hierarchy and loading said plurality of data elements into a fact table in said data warehouse system; selecting a first logic decision tree of one or more logic decision trees for evaluating said plurality of data elements identified for classification of said plurality of data elements into said one or more levels of said business hierarchy, wherein said selecting step further comprises a step of providing a business rules database comprising said one or more logic decision trees corresponding to said one or more levels of said business hierarchy for classification of said plurality of data elements into said one or more levels of said business hierarchy, wherein each logic decision tree of said one or more logic decision trees comprises a binary decision tree; executing said first logic decision tree for recursively evaluating each data element of said plurality of data elements identified until said first logic decision tree has been traversed; dynamically creating configurable anchor point classifications for said plurality of data elements evaluated through said first logic decision tree; and assigning a respective anchor point classification to a respective data element evaluated, wherein said respective anchor point classification assigned to said respective data element evaluated links said respective data element to a lowest level of said one or more levels of said business hierarchy, and wherein said respective anchor point classification assigned to said respective data element of said plurality of data elements conveys classification information as to each higher level of said one or more levels of said business hierarchy that said respective data element belongs to, for facilitating hierarchical summarizing and reporting of said plurality of data elements across said business hierarchy.