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In this tutorial, Mindy Tracy explains how to insert a calculated item in a pivot table, highlighting its relationship to calculated fields and sibling items. She shares her understanding of when to use each, aiming to clarify any confusion on the topic. The tutorial begins with an overview of the relevant sales data that includes regions, months, types (renewal or initial), and values. Mindy demonstrates how to create a pivot table within the context of this data, organizing it by region, type, and month to provide clear visualization, along with a grand total. Viewers can download the accompanying workbook and access step-by-step written instructions through her blog.