It is important to note that, while project specific risk estimations are developed and provided by industry experts who have significant relevant experience and knowledge, IO continues to work to minimize subjectivity to the greatest extent possible. One of the ways to reduce this is by using benchmark probabilities and impact ranges that are grounded in historical data and developed by industry experts. AFP project agreements are highly standardized, and as such, the variation in risk ranges should be minimal across projects.
However, every project has its own unique characteristics, and therefore every risk workshop will yield slightly different results. Benchmarks are developed by experts in the relevant field of cost estimation: construction, building maintenance and building lifecycle, and are used as a starting point for risk workshops. Risk ranges are then modified to reflect project-specific risks.