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In this tutorial, Steve from Excel Dashboard Templates discusses how to create a calculated field in a pivot table. He encourages viewers to visit his blog for additional tips and techniques related to Excel. Steve has set up a pivot table based on sales data from various salespeople. He demonstrates that by selecting the pivot table, contextual ribbons appear, specifically under "Pivot Table Tools Analyze," where users can find "Fields, Items, and Sets." The first option, "Calculated Field," allows users to create a new field. Steve names this field "Commission," specifying a formula that calculates a 5% commission on sales.