Do schools/departments ever evaluate their own admissions process? I'm curious as to whether or not any departments ever attempt to evaluate their own admissions decisions. It seems quite plausible to do for any college or graduate program, but I've never heard of it done. I have in mind some kind of data analysis comparing student success in the program or beyond with variables from the application. 

I understand some might not like the idea, but as noisy as admissions are, I was wondering if schools ever reflect on their own decisions and attempt to identify strengths and weaknesses?
This practice is not frequent, and it is rarely systematic and rigorous.  However, from a decision-making perspective, this has been given attention by Robyn Dawes, who was a very well-known psychologist at Carnegia Mellon.  Here is one of his papers on the topic, which has been cited about 500 times (per Google Scholar). Some recent evaluations have been published, but relative to the total number of admissions committees that exist across all graduate schools, I can confidently say it is not many. 

Dawes, R. M. (1971). A case study of graduate admissions: Application of three principles of human decision making. American Psychologist, 26(2), 180.