SMD components are no different from any other. Within the parameters of the data sheet, you can expect every individual component to fall in approximately some sort of bell curve (or normal distribution). If the component is specified at +/- 5%, roughly 2/3 of the components might be +/- 2.5%.
Depending on the component, some batches might behave similarly (the compounds mixed into them clearly consist of batches, these may vary from day to day), and the machine calibrations might also drift over hours/days/weeks.
If you have only 10 components in a circuit, there is already a huge potential difference in performance between nominal and each component half-way to the end of it's specified range. You typically find that most examples of your circuit work, but a few percent are 'unlucky' and the tolerances can cause bad performance. A good design might compensate for the expected variations - or you might use an MCU to perform the compensation (generally far cheaper than specifying more precise components).