Should I postpone application till the second round

[milonga]

In desperate need of advice:

I am scheduled to re-take the test in 5 days. I just spent time with MGMAT staff and realized I have not been using the most effective studying methods. 5 days from now is also Round 1 deadline for HBS. My application is nearly completed, but I could spend more time polishing it. My question: should I concentrate on the test, spent more time on the application - or postpone till the second round to work on both?

The real question is: are my chances of getting into HBS or Sloan higher in Round 1? And do I have a chance in general?

Stats: GMAT 660/84%, Quant 42/66%, Verbal 39/88%.
GPA: 3.1
BA in International Relations, BA in Psychology, Boston University '97
Essentially no undergrad math classes, but worked as statistical programmer
Age 32, female, mother of a 2 year-old
Originally from Russia, fluent in Russian, English and French.
Work background: owned a translation business, worked as statistical analyst of market research data, for the last 5 years employed as Director of Marketing for a small aerospace technology company. Leadership includes product innovation, high-profile world-wide clients (F1 Racing teams, Scaled composites, Boeing). Volunteer activities include professional organizations and various performing arts fund-raising events in Boston area throughout pst 8 years.

Any honest feedback is greatly apreciated - I'd rather hear the truth than deceive myself.
Thank you, in advance, for taking time to answer this!

[MBAApply]

For HBS it makes no difference whether it's Rounds 1 or 2.

For Sloan, you're better off in Round 1, since they only have 2 rounds.

As for GMAT - I really don't think it makes a huge difference whether your score is much higher or not. To be honest, your chances at these two schools are slim anyhow - you wanted the truth. You probably have a better shot at schools in the Duke/Darden/Michigan/Berkeley/Cornell/NYU/UCLA/Yale range.

With your profile, you're probably better off in an executive program rather than a full-time program anyhow.

Alex
alex@mbaapply.com
www.mbaapply.com
http://mbaapply.blogspot.com