The replacement cost of an individual's time is calculated with reference to the Australian Bureau of Statistics'
data for on the average part-time wage earnings of each age cohort, indexed for employer on-costs.
This is added to the cost of relevant resources acquired by the individual in pursuit of their volunteering.
In other words, it is the amount of money a organisation would have to spend to replace the overall contribution
of the individual volunteer.
What is 'value'?
The value a volunteer-involving organisation delivers to the community is a different measure to replacement cost.
It aggregates the commercial and civic benefits created by each act of volunteering.
You can use the replacement cost and value calculators interchangeably for individuals and organisations; however,
the value calculator is not sensitive to age differences.