here's how nature works:
two animals of different sexes copulate
the sperm fastest to the egg fertilizes it
bam! an offspring of that species is created
then nature begins decision making:
is this offspring good enough to survive?
is this offspring good enough to replicate?
if both are true, then this goes on another generation and so on.
what could humans do?
well...
take sperm
take eggs
test and see which is the best combo
fertilize the best egg with the best sperm
test the resultant embryo
if it checks out, implant it
if it doesn't, back to the drawing board
I am sorry for my ignorance concerning genetics, I have no clue just how far it's gotten, so it may not be possible to determine the best sperm-egg combo, for instance, but... you get my point.
The idea is that nature's selection mechanism starts acting as soon as the offspring is born, which, depending on which species we're talking about, can range anything between a few days to a few years for ellies.
With the method that humans would use, the waiting time (9 months) would be saved.
Also... note that most of nature's selection mechanism is no longer working on humans. We have no natural predator... with the exception of micro-organisms, of course, but I don't count them in.

And we have evolved to be highly social and innately kind to each-other, which means that, direct competition, though still working, isn't doing all that great.
To be honest... at this point, genetic engineering is the only way I see that the human species can still evolve. And unlike other ideas, this solution doesn't even require the suffering of the weaker humans.
One more thing: though it may be true that we can't determine everything, we're still very close to being able to do a far better job than nature has managed to do so far.