Conceptual models serve as the blueprints of information systems and their quality plays decisive role in the success of the end system. It has been witnessed that majority of the IS change-requests results due to deficient functionalities in the information systems. Therefore, a good analysis and design method should ensure that conceptual models are functionally correct and complete as they are the communicating mediator between the users and the development team. Conceptual model is said to be functionally complete if it represents all the relevant features of the application domain and covers all the specified requirements. Our approach evaluates the functional aspects on multiple levels of granularity in addition to providing the corrective actions or transformation for improvement. This approach has been empirically validated by practitioners through a survey.