In this study, you can find out some theorical informations and practical implications of Investment Appraisal and Risk Analysis. The project that has been evaluated in this study is, Internet Services over Cable TV Network in North Cyprus. This study deals with the construction of cable TV network in North Cyprus and discuss why the system is applicable to North Cyprus in terms of both technology features and its cost. Financial, economic, distributive, risk and the sensitivity of the project has been done. In the financial analysis, you can see how to construct the cash flow statement of a project where the difference between the receipts and expenditures are considered. Sensitivity analysis measures the sensitivity of the project`s outcomes to the changes in one or two of the inputs of the projects while assuming all other inputs being constant. Economic analysis aims to examine the project from the economy`s point of view to determine whether or not its implementation will improve the economic welfare of the country. Distributive analysis seeks to allocate the net benefits and losses generated by the project among stakeholders.