Bunch Of Guys Sitting Around Talking refers to regularly scheduled daily/weekly worthless meeting. During BOGSATs, typically nothing of value tot he organization is accomplished nor comes from it... except wasting time and (usually) expanding someone's ego.
Acronym for "Bunch Of Guys Sitting Around The Table." This is Pentagonese for the events transpiring in the War Room while hundreds of people are dying elsewhere.
It can be applied to any situation in which people of questionable ability, experience, or knowledge make important decisions.