This article describes how Miller’s Law is often misunderstood to mean that humans can only process seven chunks at any given time. As a consequence, confused designers will sometimes misuse this finding to justify unnecessary design limitations.
Definition: In general usage, a 'chunk' means a piece or part of something larger. In the field of cognitive psychology…www.nngroup.com
For example, a menu relies on recognition rather than recall, so the items do not have to be limited to 5–7 items per se.
And on a side note: to the commenters that are proud to remember 15 items or so by creating a story, I sure hope you don’t expect the users to do this for any user interface!