Full Text Article. Also available at: https://pdfs.semanticscholar.org/7545/1fe9603d525ff944e2bd2e11afa94bd0c23d.pdfCoverage and capacity optimization of the fast growing wireless cellular networks is a tedious task and requires huge investment in network resources. Most techniques for coverage and capacity optimization result into increase in network complexity, radio frequency interferences, capital expenditure (CAPEX) and operational expenses (OPEX). The extensive growth of the wireless cellular industry, high penetration of wireless cellular networks and the need for low cost services to end users coupled with the proliferation of use of multimedia applications demands for other measures to optimize both coverage and capacity in wireless cellular networks. This work presents a cost effective coverage and capacity optimization method for wireless cellular networks that takes into account both CAPEX and OPEX considerations while ensuring guaranteed Quality of Services (QoS) to end users. The method allows incoming traffic overflows into neighbor network to utilize available coverage and capacity in those networks when there are inadequate resources in the home network. Performance evaluation of the formulated method using MATLAB simulations reveals significant improvement of Quality of Services offered to subscribers.