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I took the GMAT 7 years ago and I got a fair score (650). I finally decided to apply for grad school and I re took the GMAT with a surprising 450. This really sucks.... Obviously, I need to re take to reach the 650 again. Any advice......on how to study effectively?
Since you got a 650 years ago, obviously at one point you had a good understanding of the concepts. It sounds to me like you just need a refresher course on some of the basics, and it should come right back. The math especially... it's like riding a bicycle. Seriously. I hadn't seen any of these concepts in years (since high school) but once I started crash-coursing, they came back to me within a week or two.
Just pick up some study materials and work your way through them. You have what it takes... you just need to remind yourself.