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In this tutorial from ExcelDashboardTemplates.com, Steve demonstrates how to create a calculated field in a pivot table to enhance Excel functionalities. He starts by introducing Excel dashboard templates and sharing useful tips on his blog. While working with a sales data pivot table, he highlights accessing the contextual ribbons by clicking within the pivot table, specifically under the "PivotTable Tools Analyze" section. Steve guides viewers to the "Calculations" area, where they can select "Fields, Items, & Sets" and then "Calculated Field." He illustrates naming the new field "Commission" and explains that it will calculate a 5% commission on the sales amounts. This functionality aids in simplifying data analysis.