How do you create a new variable in Alteryx based on existing data?

Creating a new variable in Alteryx based on existing data is effectively accomplished using the Formula tool. This tool allows you to perform calculations, manipulate string data, and create new fields by combining existing data elements. You can define new conditions, aggregate data, or even transform values based on logical operations or mathematical functions.

When you use the Formula tool, you can derive new variables that can be based on simple arithmetic, conditional expressions, or complex functions, making it versatile for various data handling needs. It enables users to generate dynamic outputs efficiently by transforming datasets without modifying the original data source.

The other tools mentioned serve different primary functions that do not focus on variable creation. The Input Data tool is used for bringing data into the Alteryx workflow, the Filter tool is designed to split data based on certain conditions, and the Summarize tool is suited for aggregating and summarizing data rather than creating new variables. Therefore, for creating new variables specifically, the Formula tool stands out as the appropriate choice.