samsung1234
If two candidates are equal in everyway, but one has a below average GMAT (say 710) but the other got a waiver. Who will be in better shape?
This will never ever happen. People may have similar work experience, but won't have similar backgrounds, and won't have similar recommendations.
In this hypothetical scenario though, it depends. The candidate with a 710 GMAT is in worse shape because his/her score is below Sloan's average - so admitting them would impact Sloan's ranking scores, albeit very slightly. The other candidate though may have been granted a waiver because Sloan wanted to strategically increase the selectivity of its program by increasing the number of applicants through offering a GMAT waiver.
If both candidates have unremarkable WE and backgrounds, such that a 710 GMAT is a highlight of a profile, then the candidate with the GMAT score will be in better shape - but both are in bad shape because of the lower-than-average GMAT and unremarkable rest of the application. If both candidates have great WE and unique/interesting backgrounds, then the candidate with a waiver will likely be in better shape because they won't be pulling down the class GMAT average - but both are in good shape because of their great applications overall.
A GMAT is only one part of the application - if you're unremarkable everywhere else, a waiver is not going to save you. Also a waiver is not meant to be used to avoid a bad test score, its meant to not prevent your application due to Covid-19 related circumstances beyond your control.