Spending time on trivial activities that are not on your critical path to graduation. Example stolen from googling for the work yak shaving: You need to get some notes of someone but you can't find them you know for sure that they will be in the stables that night so you go to the stables. You see, in this case going to the stables isn't socializing or slacking off, it's part of your work -- hanging out there, you'll be connected to your project via the process of yak shaving!
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