All of a sudden my workstation stopped complaining of this error.
Try to login with admin credentials as a first step (if you are NOT local admin on the system)
Solution is 3 steps:
1) Check if config.ini exists in the folder (C:\Program Files (x86)\VMware\VMware Workstation). If it does not exist, create a file called as config.ini in the same above folder.
If it already exists add the line
vmmon.disableHostParameters = "TRUE"
2) Now copy the modified config.ini file to the %appdata%\vmware path
3) Reboot the system and launch VMWare workstation again.
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