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In this tutorial from Excel Dashboard Templates, Steve demonstrates how to create a calculated field in a pivot table. He explains that a calculated field can enhance your data analysis and can be used in pivot charts. Starting with sales data from various salespeople, Steve shows how to access the contextual ribbons by clicking on the pivot table. He highlights the "PivotTable Tools Analyze" tab, where users can find "Fields, Items, and Sets" under the calculations section. He then walks through the process of creating a new calculated field, naming it "Commission," and setting up a formula to calculate a 5% commission on sales figures.