Timing is definitely a tricky balancing act. If you have to guess on 5 questions in a row at the end and you get them all wrong, that can have a 10 to 15
percentile point negative impact on your score! Clearly, we don't want that. And, from what you describe, the problem went beyond just the last five questions.
JohnDoeNo24 has some good things to say, but I would adjust the specific advice a bit. As (he?) notes, if you go too fast, you risk dropping a question too quickly - one that might seem impossible in the first 20 seconds but that "opens up" for you after you dig in for 30-40 seconds.
First, adjust your mindset: Think of this as a tennis match, not a test. You're going to win some points and the other guy is going to win some points; you're not going to win them all, right? Your goal is to put yourself into position to win the LAST point. Translated, that means you have to put yourself in position to answer the last question - you have to have time to address it. Otherwise, you've lost the last point, and by extension the match. When the other guy hits a winner, don't go running after it so fast that you hit the fence and injure yourself, thereby hurting your chances on the later points. (Translation: don't go way over when the problem is too hard.)
Next: learn some new timing skills. My general rule: every quant problem gets at least 1 minute (including easy ones - if I answer too quickly, I check my work or do it again). During that first minute, I'm trying to get to the right answer. If I'm not on track by one minute, I make an educated guess** and move on. (The general idea is that if you're not on track by the halfway mark, you're unlikely to figure out what's holding you back AND have time to do the whole problem in the 1 min you have left.)
** This also requires you to know HOW to make an educated guess depending upon the type of problem and the content being tested. So that's something else to add to your study: how to make educated guesses on different kinds of problems.
You don't want to look at the clock every minute, of course, so you have to learn about how long one minute is without looking at a watch or stopwatch. If you don't have one already, buy yourself a stopwatch with lap timing capability. When you go to do a set of problems, start the stopwatch but turn it over so you can't see the time. Every time you think one minute has gone by, push the lap button. When you're done, see how good you were - and whether you tend to over or underestimate. Get yourself to the point where you're within 15 seconds either way on a regular basis (that is, you can generally predict between 45 sec and 1min 15 sec). Note: at the same time that you are using the stopwatch to time this "1-minute" thing, also use the OG Stopwatch (in your student center) to track the total time spent on each question.
This article might also be useful for you:
http://www.beatthegmat.com/mba/2009/12/ ... management