LCruiser has a point in that the "type" of standard (modified (heavy) or standard (light)) was not stated. Rather than how the specified value was chosen - i.e., 95% Mod MDD or 98% Mod MDD, I think the question is what is the real behaviour difference between a material compacted at either of the two efforts. And as important what kind of material with which we are dealing. The differences may be more remarkable in clayey soils where the effects of porewater pressures during compaction can have an effect than in gravelly sands or well graded crushed stone. In the latter, the material hardness also plays a part in that higher compactive effort will break down the aggregate - or knock off the sharp angled edges thereby reducing the interlock.
I have not seen anything definitive to say that at 98% MDD for a given material (say a well graded gravelly sand (SW)) will settle only 11 mm under a given footing load whereby if the compaction was to 95%, it would settle 14, 15 or 16 mm.
Sadly (or happily depending on the point of view) chosen levels of compaction by different engineers is based on experience, judgment, what the company has always done successfully and the like. There is scant few real case histories. As I indicated earlier, you cannot, say, take the behaviour at a specified level of 95% and believe that it will reflect the actual behaviour - insofar as one layer might have been 96%, a second layer 95%, the third 98%, the fourth 94% (and does it really mean anything so long as the entire fill layer is 95% or more??). These are the philosophical questions, in my mind.