GMAT gives you the option of canceling the score (before you even see the score) if you think that you have done below par. Question is: should you or should you not cancel the scores? 

Most of the business schools consider the latest scores or the highest scores. Its almost a myth that a few schools consider average!. We advice you to  NOT cancel the scores. The cost of the exam is $250, and if you cancel the score without looking at it, you are forgoing that $250, without knowing what actually happened. Who knows, even when you felt that it didnt go all that well, it might actually be a respectable scores. Its not unheard of, in fact a few of ScoreChase GMAT and MBA forum members got pretty decent scores even when they thought the things have gone south. 

There is always a second chance, with more and more schools accepting the latest scores, you don't have to worry about them considering your 'bad score'.  

If you already know which schools you are aiming at, just contact them before hand and find out what is their policy in terms of the GMAT scores. That will give you better information on what you want to do - cancel the scores or not.

For more information on GMAT exam, you can always go to our  GMAT FAQs post. If you have more questions, feel free to add a comment.