In each of the questions given below four words are given in bold. These four words may or may not be in their correct position. The sentence is then followed by options with the correct combination of words that should replace each other in order to make the sentence grammatically and contextually correct. Find the correct combination of the words that replace each other. If the sentence is correct as it is then select option (e) as your choice. It cannot be gainsaid that formulaic  employment (

• A  crunching is no  substitute (
• B  for informed  judgement (
• C on growth and  number (
• D for monetary policy setting, especially in the backdrop of negative growth.