Implementing buckets in OLAP

Last month I blogged about histograms, types of histograms and how to implement them in SSAS cubes. Since the entity-based ones are enabled in OLAP per se, I've focused on the event-based histograms and explained how to achieve them using a step-by-step approach. The inspiration for that article originated from this thread.
 
At the same time, another thread was describing a similar problem - how to make a dimension based on calculated measure's values? At first, I thought it can be solved with a slight modification of the Histogram solution. The only difference should have been the use of a real utility dimension (instead of a dummy one). In other words, scoping members of that dimension with a proper calculation instead of defining a new calculated measure. However, not everything went smoothly. Finally, I've decided to make an example in Adventure Works, solve this interesting problem and elaborate the distilled solution here in details. What's the topic this time? Buckets!