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In this video tutorial, Naheed Akhtar discusses calculated fields in Google Sheets pivot tables, which allow users to customize data summarization beyond the built-in functions. Pivot tables can summarize data in various ways, such as sums, averages, medians, and variants. However, users may need to create their own metrics and calculations, which is where calculated fields come into play. By using custom formulas, users can perform analytics on data sets and summarize information based on their specific needs.