The single level continuous sampling plan (CSP-1) is an in-line process control tool that has been commonly adopted in various manufacturing industries. However, CSP-1 is designed for only satisfying the quality constraint. At the same time, CSP-1 has disadvantages with the high probabilities of both Type I and Type II errors due to its inherent deficiency coming from the operating procedure. In this work, an optimal scheme for process quality and cost control is proposed to monitor the process cost and improve the process quality. The CSP-1 and the process yield index (Spk) are integrated in the present scheme, which work independently and complementarily. The four parameters (clearance number, inspecting fraction, sample size, and critical value) are designed in the proposed scheme under simultaneously considering the quality and cost constraints. The sole feasible inspection scheme in CSP-1 under the two constraints is found and used for controlling the process quality. The probabilities of Type I and Type II errors are concurrently controlled at the stipulated level with the risk control scheme, which is constructed with two nonlinear inequation based on the accurate distribution of the index Spk. A case study is illustrated to validate the effectiveness and practicality of the proposed scheme.