A realistic applied chemical engineering experimental design and statistical analysis project is documented in this article. This project has been implemented as part of the professional development and applied statistics courses at Villanova University over the past five years. The novel aspects of this project are that the students are given a budget with which to perform their experimental study and the experimental results are made available to the students one day after an experiment is requested. Although a process simulation is generating the experimental results, the intent is to mimic a realistic experimental study where the results are not available immediately and there is an economic limit imposed on the amount of information that can be obtained. This approach requires the students to efficiently plan and adjust their experimental study over the course of the project. (Contains 3 figures.)