The term "Calculated Field" has been replaced by "Measure" I believe in Excel 2016. Excel PowerPivot uses DAX to create formulas in your PowerPivot. DAX allows you to create a dynamic calculations at the row level, in many cases without having to create a new column.
For Example, if you have a Data Model with a table named "Ledger" and two columns for "Units" and "Price" you can calculate one single measure called "Revenue":
Revenue = SUMX(Ledger,[Units]*[Price]).
The SUMX() function is a DAX formula that performs in this case like a SUMPRODUCT(). But you can use it in many ways; you can actually embed a formula inside the SUMX(). For example, if you want to get the revenue for units where sales price is greater than $50.00, you would change the formula to:
Revenue = SUMX(Ledger,if([Price]>=50,[Units]*[Price],0).
DAX is a powerful language that will bring your PowerPivot models to a new level; it will help you simplify your models and will also speed up calculation time (one single formula instead of 10,000 rows each containing their formula.
