Hi, There are many business schools rankings available on net -
businessweek, usnews, forbes etc. I want to know if it really makes a
difference if I am from a rank 2 business school or a rank 10 business
school? (My accepted school ranks between 8-12 on all the lists and I
wish to pursue Strategic Management). I know that this may not have a
quantified answer and I am not looking for a correct answer - I want
to know how a student can maximize his/her gain from the business
school to be ahead in the race.

From my experience, a business school's rank is pretty important in
terms of your professional reputation in business.  If you are certain
that Strategic Management is the one path you want to pursue, you
would need to find out how the schools rank in Strategic Management. 
As an example in a different area, being able to say "I did Marketing
at Northwestern University" carries a lot of weight.  I don't know the
reputations of schools for Strategic Management.  Hopefully, someone
else will know those ranks, or you might ask those whom you resepct in
that field.

Obviously, if you prefer to be more general, the specific rank is not as important.

The most important thing in business school is to meet as many people as you can.  

Business is about relationships.  

One key factor of relationships is credibility.  Achieving credibility
varies with different types of business people.  In corporate
environments, credentials are very important.  Hence, the reason why a
school's reputation is very important.  In other environments
(government or entrepreneurial), credibility is based on other factors
(e.g. who else you know and/or what you can do).

In the end, it is the business relationships that are most important.

Hope this helps!

I have to slightly disagree. While I don't think that I can give a
well-researched answer to your question (though there are, for
example, surveys on the average salaries of graduates of these
schools), I hardly think that if someone went to INSEAD or to LBS, and
not to Harvard, it would matter as much. 8-12 of hundreds of schools
sounds very good to me.