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In this tutorial, viewers learn how to create a checklist in Excel, which serves as a tracker for activities and enhances dashboard functionality. To begin, the Developer tab needs to be added to the Excel ribbon. Users are instructed to right-click on the ribbon, select "Customize Ribbon," and check the Developer tab option before clicking OK. Once the Developer tab is visible, users can insert a checkbox by clicking on "Insert" and selecting the checkbox from the form controls. The checkbox can then be drawn in a designated cell, such as C5, and can be renamed as needed for tracking activities.