Waitlist or Reject is the only option if you have not heard back. However, keep the waitlist option in mind and start working on improving your profile if you are waitlisted as there is still a chance that people will reject their spot, which potentially opens up the spot for you if you are waitlisted. When I say improve your profile - think about writing the GMAT, job promotions or opportunities, new projects etc. I know none of this comes overnight or in 2-3 weeks, but some improvement is better than nothing and the earlier you start thinking, the better it will be. I was waitlisted after interview and unfortunately the battle/road ahead is long without any guarantees. However, if you want it badly, you will find ways to improve