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In this tutorial on Excel Dashboard Templates, Steve shows how to create a calculated field in a pivot table. He encourages viewers to visit his blog for the latest tips and techniques on Excel. Using sales data for several salespeople, he demonstrates how to access contextual ribbons by clicking on the pivot table. Under "Pivot Table Tools Analyze," he selects "Fields, Items & Sets" and then "Calculated Field." He names the new field "Commission" and explains that it will represent a 5% commission on sales. This calculated field can be utilized in pivot charts and other analyses, streamlining the process.