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In this video tutorial, Naheed Akhtar discusses calculated fields in Google Sheets pivot tables. Pivot tables are powerful tools for data summarization, including functions like sums, averages, medians, and variants. However, sometimes the default metrics are not enough, and calculated fields allow users to create custom formulas for summarizing data. For example, a data set on employee sales by region for three months can be analyzed using a pivot table with custom calculations.