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In this video tutorial, Minda Tracy from My Online Training Hub explains how to insert a pivot table calculated item. She discusses the uses of calculated items, which are related to calculated fields. Minda shares her method of understanding when to use a calculated field versus a calculated item. She provides step-by-step instructions on downloading the workbook and explains how to organize data in a pivot table by region, type, and value. The tutorial includes a demonstration of analyzing sales data broken down by initial and renewal types, with a grand total displayed.