This is an interesting question. Most business schools will give the rather disappointing (and evasive) answer of "we review all materials to form an impression of the whole person where no one factor dominates . . . " A somewhat more accurate answer is that your weakest factor becomes the most important one to your application and the most in need of correction.
Most business schools shun any use of an admissions point system for admission (e.g. 30 points for a top score on the GMAT, 30 points for a 4.0 GPA, 40 points for work experience) and seem urgent to share this fact with you. However, over time their admisisons decisions will allow observers to uncover empirically derived implicit point systems.