This article lists:
By default, the Quote will be calculated when any of the following occurs:
Calculation Event Sequence (Advanced Calculator - Spring 16 and later versions)
Calculation Event Sequence (Legacy Calculator)
The following sequence of events occurs during each Calculate cycle:
Calculate Event Order of Operations for Formula Fields, Workflow Rules & Price Rules
Salesforce CPQ will process events in the following order upon a Calculate Event:
Salesforce CPQ allows users to specify fields that will trigger a recalculation of Quote Line Item values when that field's value is changed.
This feature would be useful for users who want a quote to change prices proportionally to a change in Subscription Term. For example, changing the Subscription Term from 12 to 24 months would cause the Quote price to double.