Final answer:
The statement is true; an organization's key elements include its structure, business processes, politics, culture, and people, which are essential for its functioning and achieving success.
Step-by-step explanation:
The statement that the key elements of an organization are its structure, business processes, politics, culture, and people is indeed true. These elements are crucial for an organization's functioning and success. The organizational structure defines the hierarchy within an organization and the division of roles and responsibilities. Business processes are the collection of linked tasks which find their end in the delivery of a service or product to a client. Organizational culture involves the shared values, beliefs, and norms that influence the behavior of people within the organization. Politics within an organization refer to the use of power and the means by which agreements are reached. Lastly, people are pivotal as they execute the processes within the culture and structure provided by the organization.
Max Weber's characterization of bureaucracies with their hierarchies, division of labor, explicit rules, and impersonality, conventionalized these concepts within the study of formal organizations. Moreover, as organizations face rapid changes due to technology shifts and globalization, newer structures like teams are incorporated to bring together diverse skills and expertise. However, it's important to note that different organizations might emphasize different elements more, depending on their specific industry, goals, and strategies.