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In this tutorial from Excel Dashboard Templates, Steve teaches how to create a calculated field in a pivot table. He encourages viewers to visit his blog for more Excel tips and techniques. Steve uses sales data to demonstrate the process. By clicking on any area within the pivot table, contextual ribbons such as "Pivot Table Tools Analyze" become available. Under "Calculations," he selects "Fields, Items, and Sets," then chooses "Calculated Field." He names the new field "Commission" and mentions that the formula will calculate a 5% commission on sales. This addition allows the new field to be utilized in pivot charts and other analyses, saving time in calculations.