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In this tutorial by Steve at Excel Dashboard Templates, he introduces how to create a calculated field in a pivot table to enhance data analysis. He emphasizes visiting his blog for the latest Excel tips and techniques. Using sales data, he demonstrates the process by clicking on the pivot table, which reveals contextual ribbons, including "PivotTable Tools Analyze." He navigates to "Calculations," selects "Fields, Items & Sets," and then chooses "Calculated Field." In the new calculated field dialogue, Steve names the field "Commission" and explains that it will represent a 5% commission on the sales figures. This feature allows for efficient calculations that can be utilized in pivot charts and other analyses.