Hi @rishi_kapoor - While I'm hardly a huge expert on outcomes, they ARE configurable down to just 2 choices, if that is your main concern. At a sample sub-account level, I just created a new outcome with those two choices. The "trick" is that in outcomes (unlike rubrics) you have to first edit the middle column and then you will see an option to delete it:
Afterwards, you can name the top and lower criteria whatever you wish. Here was my sample:
Finally, I was able to embed the outcome into a rubric without any issues:
Basically, outcomes are the way to go if you want a relatively quick way of retrieving statistics for that outcome at the sub-account level, as there is NOT an easy way to quickly gather all rubric statistics.
HOWEVER, do not tread lightly into their use. There are several steps that must be taken, not the least of which is ensuring that each course site imports the outcomes from the sub-account properly. I cannot emphasize enough that the use of outcomes should be tested and re-tested....preferably on your Beta or Test servers so as to not affect actual course sites. Also, look over every bit of documentation possible on both the instructor's side (starting here) and just as importantly the administrative side (starting here). In order to compile discipline- or department-wide statistics, it will be important that the instructors do not create their own outcomes, which they certainly are able to, but rather import them. At my own institution, it was finally decided to give a key faculty member sub-account administrative access to ensure that the outcomes got imported properly into each class and ensured the faculty members were brought up to speed on what to do.
I hope this helps a bit, RK. Good luck...and remember: test, test, and re-test and see if the reporting of outcomes at the sub-account level will be useful! 
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