The Hotelling's T2 control chart, is the most widely used multivariate procedure for two or more related quality characteristics, but it’s power lacks the desired performance in detecting small to moderate shifts. Recently, the variable sampling intervals and Control Limits (VSICL) control scheme has been proved to have a very good performance on detecting small to moderate shifts when it is compared to the fixed ratio sampling (FRS) T2 control chart. Moreover, it is shown that the VSICL scheme is more economical than the classical one. This article studies the economic consequences of a new control scheme named variable sample sizes, sampling intervals and control limits (VSSICL) in that the sample size n, sampling interval h and control limit k vary between minimum and maximum values. We apply the cost model proposed by Costa and Rahim (2001). This model considers the cost of false alarms, the cost of finding and repairing an assignable cause, the cost of producing out of control items and the cost of sampling and testing. Furthermore, we assume that the length of time that the process remains in control is exponentially distributed which allows us to apply the Markov chain approach for developing the cost model. We apply genetic algorithm to determine the optimal values of model parameters by minimizing the cost function. Finally, the both VSICL and VSSICL T2 control charts are compared with respect to the expected cost per unit time.