There are different quality assurance methodologies applied for the management, assessment and improvement of study programs in higher education institutions. The aim of the research is to perform analysis and assessment of the Quality Function Deployment (QFD) methodology application for study program management in the changing environment, particularly focusing on the program quality assessment. Several research methods, such as the analysis and synthesis of scientific literature as well as a student survey were applied in this research. The QFD methodology is based on the so-called quality house matrix comprising information about student needs and assessment of the significance of their needs. The QFD methodology also provides an opportunity to determine the students’ high priority needs, requirements and the significance of those study program components that create students’ professional competence. A visual illustration can be obtained by organizing aforementioned information in a matrix that demonstrates the significance of each study program component.