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In this tutorial by Steve from ExcelDashboardTemplates.com, viewers learn how to create a calculated field in a pivot table to streamline analysis. After selecting a pivot table, users can access the contextual ribbons, specifically the PivotTable Tools Analyze tab. Under the Calculations section, they can find the option to create a calculated field. Steve demonstrates this by naming a new calculated field "Commission," which represents a 5% commission on sales data from various salespeople. This feature not only simplifies calculations within the pivot table but can also be utilized in pivot charts and other related analyses.