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In this tutorial, Greg from SharePoint Maven explains how to create a calculated column on a SharePoint list or library. There are various types of columns that can be created, including text, location, number, date and time, drop-down, choice, currency, and more. A calculated column is not visible on the add column menu and must be created behind the scenes. It is a column that references other columns and is based on a mathematical formula. This allows users to create formulas and reference other columns within the list or library to perform calculations.