In a product design and development process, a designer faces a problem to decide functional requirement (FR) target values. That decision is made under a risk since it is conducted in the early design phase using incomplete information. Utility function can be used to reflect the decision maker attitude towards the risk in making such decision. In this research, we develop a utility-based model to determine FR target values using quadratic utility function and information from Quality Function Deployment (QFD). A pencil design is used as a numerical example using quadratic utility function for each FR. The model can be applied for balancing customer and designer interest in determining FR target values.