MDAC 2.5 SDK - OLE DB Programmer's Reference
Chapter 24: Multidimensional Expressions
You can use MDX to specify a name for set expressions (named sets). You can also define formulas and treat each formula as a new member.
Named sets are useful because they can be used concisely in other MDX statements. Creating formulas and treating them as members of a dimension is a very powerful feature and has a variety of applications.
For an illustration of these concepts, see the following examples: