I'd recommend you spend a week getting familiar with the test and the question types. Then, use your first MGMAT test to determine your baseline score, know how much you need to improve, and roughly identify your strengths and weaknesses. Since your weaker in verbal, I would start with the MGMAT verbal books.

Many of the MGMAT forum experts recommend that you go through each book chapter, try a few of the end of chapter questions, and then do 2-3 of the recommended OG problems for that chapter. Move on to the next chapter and repeat that same process. But, this time you should also do 1-2 of the OG problems from the previous chapter. Once you've finished the book, work on a mix of problems from all chapters.

The GMAT will never explicitly tell you what concepts are being tested, so it's important that you don't just group your practice by chapter.

After a month of verbal, you should work on quant, but be sure to keep practicing verbal so your skills say fresh.

Spend the last 2-4 weeks working just with official problems.

Hi NextGreatLeader,
Thanks for your suggestions. This is the good starting point for me.

One quick question, Is there a cheat sheet which says the topic/type of the OG problem?

The last pages of the MGMAT books list the OG problems related to each chapter covered in that book.

Can anyone have a look on the schedule and comment how i can refine this?
I know i am still vague here as i did not take any diagnostic test and don't know where i stand.
Will come back here early next week with my diagnostic test scores.

26Th Jul'12 - Deleted the schedule attachment. Will add it early next week with more clear timeline.