Yes, and no. There is no grouping/category setting. Instead you can use the attributes of the item, including tags to create a searchable context. By using the search box in the top of master item list you can easily filter and limit the current view. Generally, I find this a more agile approach as it removes the administrative task of organizing items.
I got to know this from the community way earlier and anyways thanks for such a detailed explanation but the User is looking for the Exact Replica of Cognos Cube where user can easily see the Folders with Hierarchy.