If you feel confident you could improve your score by 40+ points, it may be worth taking the test again. An important note is that your GMAT score is self-reported on your application, so business schools will only see your highest score. There is not a downside to taking the test (except for the time and money), but if you feel strongly about improving your score in a short period of time, you may want to consider re-taking the GMAT.
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MBA blogger, US News and Author, The MBA Application Roadmap