Hi Arun,
Natively, the most "dimensional" feature you can use for reporting would be:
1. Create and save a filter named Defects with this JQL:
type = Defect
2. Add the Two Dimensional Gadget to a dashboard you own.
3. Set the Defects filter to feed the gadget, and set a couple of fields you would like to get insight from (ie: Project in the Y axis, and Status in the X axis)
After that, you'll get more insight on the distribution of defects in regard to the combination of your chosen fields.
Hope it helps.
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