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Best Practices for Aligning Projects with Corporate Strategic Objectives in the Financial 

Technology Industry 

 Raymond E. Mayes, DBA | Capella University, Minneapolis, MN, USA 

Janice Tucker, PhD | Columbia Southern University, Orange Beach, AL USA  

Contact: rmayes2716@gmail.com  

 

Abstract 

Project managers and corporate executives often misalign projects with strategic business 

objectives, causing project challenges and leading to project failures. This qualitative inquiry 

study aimed to explore the perspectives of project managers and senior executives in the U.S. 

Financial Technology (FinTech) industry regarding best practices for aligning projects with a 

company's strategic business objectives. Four senior corporate FinTech managers and four 

FinTech project managers who worked in the mergers and acquisitions and venture capital 

segments and had at least three years of experience in the FinTech industry were interviewed 

for this study. Four themes emerged from the thematic analysis and inductive coding process. 

Theme 1, alignment process models are methodologies of tools, techniques, and approaches 

for aligning projects with strategic objectives. Theme 2, knowledge sharing, is used for 

communicating organizational information regarding strategic objectives. Theme 3, alignment 

competencies, are the skills used to align the project with the organization's strategic 

objectives. Theme 4, project manager's awareness, is the project manager's consciousness of 

an organization's strategic objectives and attentiveness to those objectives. The four themes 

could be used to help improve FinTech senior corporate managers' and project managers' 

practice of aligning projects with a company's strategic business objectives. These themes 

might assist in reducing the probability of project misalignment while effectively aligning 

projects with strategic objectives. 

 

Keywords: Project alignment, project managers, financial technology, FinTech, business 

strategy, strategic project planning  

mailto:rmayes2716@gmail.com


 

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Introduction 

According to a 2021 Project Management Institute (PMI) survey of more than 500 corporate 

executives, nearly 39% of critical strategic projects did not realize the intended benefits of the 

projects (Langley, 2021). Edinger (2018) reported that executives claim that about 90% of 

projects fail because of budget overruns, data integrity issues, and technology limitations. 

Similarly, Andriole (2021) uncovered that nearly 90% of projects did not produce a return on 

investment, attributing this failure to executives' lack of supporting technology projects and the 

enterprise's culture. Khan (2018) also found that Information Technology (I.T.) projects have 

failed more than 70% of the time since the beginning of the 21st century. In addition, over 40% 

of projects underperform because of misalignment with a company's strategic intentions (Pulse 

of the Profession, 2018). Kashyap (2023) further revealed that project managers and teams 

implementing projects were often unaware of what needed to be achieved, thus hindering the 

successful implementation of strategic projects.  

 

The primary focus of this study was to explore the perspectives of project managers and senior 

executives regarding aligning projects with a company's strategic business intent for reducing 

project failure and minimizing capital losses in financial technology (FinTech) companies in the 

United States. The objective of this qualitative inquiry study was to gather project managers' and 

senior executives' perspectives on strategic project alignment best practices to reduce project 

failures and minimize capital losses for U.S. FinTech companies. As a result, the project 

deliverables recommend best practices to reduce project failures and minimize capital losses for 

U.S. FinTech companies. 

 

Background of the Study 

 

Project management is a process that contains tools for ensuring efficiency and enabling the 

implementation of a company's strategy. Strategic project alignment is how project managers 

arrange, and position projects conducive to the enterprise's strategic goals. Project management 

involves selecting, aligning, and prioritizing projects that achieve strategic efficacy. Frefer et al. 

(2018) noted that being mindful of the project's critical success factors outlined in a company's 

strategic plan could prevent project failure. 

 

A misalignment problem occurs when a project fails to achieve the company's strategic 

intentions for that project. Senior executives and project managers are drivers for aligning 

projects with a company's strategy. However, a gap in aligning projects arises when project 

managers are unaware of a company's strategic business objectives (Pulse of the Profession, 

2018).  

 

Business Problem 

 

This qualitative inquiry study focused on project managers in the U.S. FinTech industry. While 

no specific geographic regions were targeted, project managers in the FinTech industry are often 

located in large metropolitan areas such as Atlanta, Boston, and Washington, DC (Reynolds, 



 

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2020). The general business problem is that project managers and senior executives misalign 

projects with the company's strategic objectives, causing a high failure rate and loss of 

profitability (Jafarzadeh et al., 2018). A strategic project alignment practice enables project 

benefit realization according to a company's strategic business goals (Iqbal et al., 2020). The 

misalignment of projects with the strategic business objectives causes nearly 43% of project 

challenges, leading to approximately 20% of project failures (Al-Dubai & Alaghbari, 2018). 

Niemi and Pekkola (2020) explained that budget and schedule overruns and failure to attain 

goals often occur in organizations that lack a clear vision of business functions, processes, and 

technical platforms. As a result, project misalignment with strategic business objectives can 

cause companies to fail to deliver the envisioned project's benefits. 

 

The specific business problem is that project misalignment in the financial services industry 

wastes 9.7% of project capital (Pulse of the Profession, 2017; Welch et al., 2019). The results of 

misaligned projects are unrealized intended benefits and lead to a loss of productivity and capital 

(Ateş et al., 2020). Project managers who lack alignment practice often improperly align projects 

to implement the company's strategic objectives. In addition, this misalignment causes delays 

and cost overruns, and failure dulls the competitive edge and tarnishes the corporate brand. 

Arkhipova and Afonasova (2018) stated that a strategic project allows an organization to 

compete in specific future markets, and project failure impedes competitive advantage. Nguyen 

et al. (2020) asserted that the lack of project supervision fosters poor labor productivity, 

influencing projects' quality, duration, and cost. 

 

Globally, in 2017, the financial service industry experienced $97 million wasted for every $1 

billion spent, and $78 million of those losses occurred in the I.T. industry (Pulse of the 

Profession, 2017). There were capital losses on poor-performing projects because organizations 

failed to bridge the gap between strategy and project delivery, and executives did not recognize 

that strategy was achieved through projects (Pulse of the Profession, 2018). According to 

Arefjevs et al. (2020), successful strategic project alignment hinges on data, data analytics, and 

comprehending data at the strategic level. Successful project alignment is the catalyst for future 

developments in the FinTech industry; hence, strategic project alignment practices must be 

identified to reduce project failure and capital losses. 

 

The future trends in the FinTech industry have significantly expanded through digitalization, 

which suggests the necessity of project managers to adhere to project management principles to 

produce project success (Alvarenga et al., 2020; Wewege et al., 2020). Mamédio and Meyer 

(2020) demonstrated that managing complex projects is about the challenges of handling 

misalignment, among other things, which are critical for project success or failure. Harvey 

(2018) espoused that project managers should be aware of the deliverables and the reason for the 

project. The project finding may benefit enterprises in reducing capital losses and failed projects 

in the FinTech industry. 

 

 Literature Review  

 



 

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Project failure and success are somewhat arbitrary when determining if the realized benefits from 

a project meet the company's strategic plan (PMI, 2021). Therefore, this study is central to 

understanding the perspectives of project managers and senior executives in the U.S. FinTech 

industry regarding best practices for aligning projects with a company's strategic business 

objectives. The phenomena addressed in this project relate to the benefits and successes when 

project managers align projects according to the corporate strategic objectives. 

 

Stanleigh (2012) reported that in a 2004 Price Waterhouse Cooper survey of 10,640 projects over 

30 different countries, only 2.5% reached total project success. Also, Stanleigh indicated that 

nearly 70% of global companies did not have a project prioritization technique and could not link 

projects to strategy. Calleam Consulting Ltd. (2014) uncovered a significant cause for project 

misalignment with strategy: the lack of understanding of the project's goal. The evidence 

suggested that the lack of a framework for strategic alignment practices impedes a company from 

attaining intended strategic benefits. 

 

Applied Framework 

 

The applied framework offers literary aid to explain a research study's background on strategic 

alignment. A framework gives a broad picture of the connections between significant study 

group categories. Frequently, the current topic can be understood within a conceptual framework 

from earlier studies on alignment process models and alignment competencies. For qualitative 

inquiries, applied frameworks can be used to explain how phenomena are interpreted, aligning 

projects with strategic objectives. The strategic alignment model (SAM) developed by 

Henderson and Venkataraman (1993) was the basis of the framework used in this study. The 

SAM framework was developed for technology management and is the process of aligning 

activities, projects, and objectives with a company's mission, vision, and strategy. For this study, 

the SAM framework has been adapted to focus on the alignment of processes and competencies 

as they pertain to project management in the Financial Technology industry. Figure 1 exhibits 

the overarching framework for this strategic alignment project in FinTech project management. 

This intersection of frameworks may suggest a practice for project managers to align projects 

with a company's strategic objectives. 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

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Figure 1. 

Framework for Strategic Project Alignment Overview

 

Note. This model has been adapted from Henderson and Venkatrama's (1993) SAMS model. The FinTech project 

alignment processes were the focus of the problem, with gaps between the alignment process model and alignment 

competencies within the strategic project alignment framework. Although gaps are present in the framework, the gap 

between strategic objectives and project alignment practice was the aim of this study.  

 

Previous literature shed light on processes and models for aligning projects with strategic 

objectives. Hamdan and Jaafar (2014) examined eight strategic project alignment models and 

found a common flaw: the gap between qualitative strategic issues and quantitative financial 

considerations. Hamdan and Jaafar noted that failure occurs when there is an absence of 

quantifying qualitative strategic matters. Hamdan and Jaafar posited the business strategy 

portfolio alignment model for quantifying qualitative strategic issues. This model is vital for an 

alignment framework because it explains why a strategic objective is needed. The framework 

assists in providing the reason a project is important, and this support aligns projects with 

strategic objectives. 

 

Ansari et al., 2015, developed a framework for aligning projects with the company's strategic 

objectives, which includes the business strategy, intermediate process (strategic and project 

levels), and the elements of strategic project management. The framework shows that project 

management's early involvement in developing and implementing strategies is critical when 

aligning projects with corporate strategic objectives (Ansari et al., 2015). Baptestone and 

Rabechini (2018) assessed the influence of project governance in decision-making for selecting a 

project in the company's best interest. Baptestone and Rabechini revealed that the project 

governance vision is migrating from project control techniques to a process that focuses on 

aligning with the organization's strategic management. Baptestone and Rabechini demonstrated 

that it was possible to construct a model showing the correlation between project governance and 

decision-making. Baptestone and Rabechini concluded that project governance influences 

decision-making. 

 



 

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Jafarzadeh et al. (2018) explained that decision-makers determine which projects are given 

priority for receiving critical resources of time, capital, equipment, and personnel to ensure the 

organization's competitiveness, productivity, and profitability. Jafarzadeh et al. reported previous 

literature developing models for project selection and alignment methodologies ranging from 

simple scoring to complex modeling. However, previous literature neglected to consider project 

interdependencies, ambiguity in decision-making, and selection criteria for prioritizing projects. 

Jafarzadeh et al. suggested an integrated method that uses fuzzy logic, quality function 

development, and data envelopment analysis to prioritize selection criteria. 

 

Strategic Alignment 

 

Orlandi et al. (2020) analyzed five models for strategic alignment of projects offered by Archer 

and Ghasemzadeh (1999), Rabechini (2005), Kerzner (2006), PMI (2008), and "Pro-Value" 

Carvalho and Rabechini (2007, 2011). Orlandi et al. noted in a study conducted by PMSurvey 

that 49% of organizations' projects were not aligned with strategy. Also, 8% stated no alignment 

because the company did not communicate strategic objectives, and 7% reported no alignment 

because strategic planning did not exist. Furthermore, Orlandi et al. uncovered that 11% of the 

organizations reported not using either of the models presented in their research; 20% used the 

PMI model, and 67% used the Kerzner model. Finally, among the responding participants, 88% 

reported being unaware of which model the organization uses. Orlandi et al. demonstrated that 

most organizations do not use any model that aligns project management with organizational 

strategy. 

 

Strategy execution aligns projects with organizational strategy (Srivastava & Sushil, 2017). The 

factors examined were business units, resource allocation, corporate governance, operational 

process and structure, best practices, and community coordination. From studying these factors, 

Srivastava and Sushil formulated a total interpretive structural modeling (TISM) alignment 

model. Srivastava and Sushil's assessment was limited to comprehending the linkage among 

alignment factors. However, leadership, managing people, and change must be investigated as 

critical alignment factors (Srivastava & Sushil, 2017). Korhonen et al. (2023) investigated the 

connection between project performance targets and organizational success. Korhonen et al. 

(2023) research demonstrated the interconnections, supremacy, and use of certain project 

performance processes in defining whether a project is successful. Korhonen et al. (2023) 

framework is useful because it sheds insight on how performance measurement can help attain 

success in project-based operations. Srivastava and Sushil (2017) and Korhonen et al. (2023) 

emphasized that effective project alignment is the basis for effective strategy execution. 

Srivastava and Sushil investigated the seven factors of alignment that facilitated execution 

strategy and how these factors are linked. 

 

Young et al. (2020) found a vision, change, sponsor, KPI, and monitor as project governance 

factors that impact project success and are useful at various stages of the project lifecycle. Lecher 

et al. (2022) observed how businesses manage their organizational strategies' complexity by 

considering their projects' viability. Young et al. (2020) and Lecher et al. (2022) developed 



 

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alignment process models for assessing when projects need adjusting and evaluating the 

probability of sustaining strategic objectives.  

 

Benefits Management 

 

Zwikael and Smyrk (2012) asserted that the benefit manifested from projects could be defined as 

the emerging value that arises from a project. Laursen and Svejvig (2016) claimed that project 

benefits can be measured in financial terms (cost savings, increased revenue) as well as 

nonfinancial terms (stakeholder satisfaction), suggesting that organizations establish processes 

and governance structures that strive to deliver planned benefits. Benefits management is a 

discipline of project governance that safeguards the corporate strategic goals of a project that are 

interpreted into planned benefits (Svejvig & Schlichter, 2020). Svejvig and Schlichter (2020) 

constructed a tri-layer (instrumental, practice, and reflective) Integrative Management Model. 

The model adds to the benefits management body of knowledge by demonstrating the need for 

integrative thinking concerning project governance. 

 

Brito and Medeiros (2021) conducted a literature review to comprehend the context of strategic 

alignment in project-based organizations. Brito and Medeiros discovered a mutual influence 

between project governance and strategic alignment. Also, Brito and Medeiros (2021) uncovered 

four emerging themes, with project management and organizational strategy in project-based 

business as the dominant theme. Waseem et al. (2022) established that organizational support 

and project team cohesion bridge the gap between project governance and Brito and Medeiros 

(2021) and Waseem et al. (2022) explained that an organization's challenge is developing a 

method of converting business strategy into project strategies and realizing project objectives. 

The findings revealed that strategic alignment aids an organization in selecting and prioritizing 

projects, while project management assists an organization in accomplishing strategy (Brito & 

Medeiros, 2021; Waseem et al., 2022). 

 

The project manager's unawareness of strategic objectives causes project misalignment. Shenhar 

and Holzmann (2017) observed successful megaprojects to uncover three common elements of 

success: strategic vision, total alignment, and the ability to adapt to complexity. Shenhar and 

Holzmann stated that a company with a strategic vision needs leaders who understand the 

necessity of vision and strategy and must align projects according to the network of project 

stakeholders and sponsors. Chi et al. (2022) have corroborated Shenhar and Holzmann's (2017) 

findings that shared vision can improve value co-creation. It is recommended by Shenhar and 

Holzmann (2017) and Wan et al. (2023) that leadership promotes value co-creation through 

strategic awareness by articulating the vision and strategy uncomplicatedly, which is crucial to 

organization strategy and performance. 

 

The common problems when project managers misalign their projects with a company's strategic 

plans are unrealized project benefits, loss of capital and profitability, productivity, and reduced 

competitive edge (Frefer et al., 2018). The findings from this study will aid project managers and 

senior executives in realizing the benefits when the company's strategic plans are aligned. A gap 

in practice is that the benefits of aligning project management goals with the company's strategic 



 

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objectives are often not considered in the project management process (Raad et al., 2020). By 

apprising this gap in practice, project managers and senior executives will be more equipped to 

align projects strategically. Thus, project benefit realization occurs, increasing productivity, 

mitigating investment loss, and sharpening a company's competitive edge. 

 

Summary of Literature 

 

As presented in the literature review, there is scholarly and practitioner literature describing 

project management and strategic alignment; there is a shortage of literature focusing on project 

managers' influence on strategic project alignment. Therefore, this study explored project 

managers' perspectives on strategic project alignment. The literature summary identified 

practical project management competencies needed for strategic alignment project alignment. 

 

The literature shared historical and existing trends emphasizing strategic project alignment as a 

component of project governance that ensures the alignment of projects with a company's 

strategy (PMI, 2017). Project Management Institute (2017) acknowledged that without an 

alignment framework, there is a high risk that projects would not adhere to the strategy and 

would add little or no value. Frefer et al. (2018) explained that project failure was commonly 

attributed to the unawareness of the project's critical success factors as detailed in a company's 

strategic plan. Frefer et al. demonstrated the need for an applied framework to align projects with 

the organization's strategies. Ultimately, what is at stake here is that critical success factors will 

not align with the company's strategic intentions. 

 

Welch et al. (2019) stated that project managers' lack of the skills to align projects with the 

corporate strategic objectives caused project misalignment, resulting in wasted capital, budget 

overrun, time delays, and loss of productivity. Motlagh et al. (2018) asserted the necessity of 

improving project managers' practice of aligning projects with a company's strategic objectives. 

The results of Welch et al. support Motlagh et al. that project managers need to improve strategic 

alignment practices. Demonstrating project managers' skill deficits in aligning projects confirms 

a need for a framework for aligning projects with an organization's strategic objectives. The 

literature data shows the value of having or not having a strategic alignment framework to align 

projects with organizational strategic objectives. This literature review suggests a need to extend 

the research on project managers aligning projects with a company's strategic plan. 

 

Methodology 

 

The target population was senior corporate FinTech managers and project managers from the 

mergers and acquisitions market segments and venture capital, senior executives, and project 

managers from the FinTech industry market segments. The market segmentation selections were 

based on the Market Line Industry 2021 Profile's two most significant reported segments. User 

Interviews Inc., a fee-based participant recruiting company, was used to recruit participants.  

 

A qualitative Inquiry must establish inclusion criteria for recruiting participants to be interviewed 

as part of the study population (Meline, 2006). Participants for this study needed to have 



 

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experience with FinTech projects as senior executives or project managers to qualify. 

Participants were classified as project managers if they maintained certification by a recognized 

project management accreditation body. Participants classified as project managers must also 

have served in the financial industry for at least three years. A senior corporate executive was 

classified as someone responsible for supporting corporate officials in executing critical 

enterprise decisions and identifying opportunities to expand business scopes. Participants 

classified as senior executives served as vice presidents in the financial industry for at least three 

years. 

 

Project Study Protocol 

The qualitative study explored project managers and senior executives in the FinTech industry's 

perceptions of strategic alignment practices. This project was steered by one project question. 

 

P.Q.: What are project managers' and senior executives' perspectives regarding best practices for 

aligning projects with a company's strategic business objectives?  

 

User Interviews, a third-party participant recruitment company, was given the inclusion criteria 

to identify and quality participants. The participants needed to have at least three years of recent 

experience with FinTech projects as senior executives or project managers; project managers 

needed to have a project management certification from an accrediting body such as the Project 

Management Professional (PMP) certification, and senior executives needed to be serving in a 

vice president or higher position and oversee department operations. Once the participants were 

qualified, a Zoom meeting was scheduled to conduct the semi-structured interviews. Open-ended 

questions were used to create analytical agility and prevent bias. A thematic analysis obtained an 

expansive interpretation of answers, which allowed a data review to uncover and explore patterns 

and themes. The thematic analysis was based on the project question that enabled data to be 

categorized by observing contrasts and similarities.  

 

Multiple secondary data sources were used to triangulate the data. These sources included peer-

reviewed articles, practitioner articles, industry reports, and online sources on project alignment 

by corporate strategic planned objectives. The secondary sources included articles published 

within the last five years and were used to support and enhance the validity and credibility of the 

interview findings. 

 

The eight interview questions, developed from gaps in the literature and based on concepts from 

the applied framework, were used to collect the perspectives of project managers and senior 

executives in the U.S. FinTech industry regarding best practices for aligning projects with a 

company's strategic business objectives. The project question was used to determine the 

perspectives of project managers and senior executives in the U.S. FinTech industry regarding 

best practices for aligning projects with a company's strategic business objectives. The project 

manager is the person the performing organization assigns to guide a team responsible for 

accomplishing intended project objectives. A senior corporate executive is responsible for 



 

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supporting corporate officials in executing critical enterprise decisions and identifying 

opportunities to expand business scopes.  

 

Interview Questions 

1. Can you please tell me about a time in your personal work experience when projects were 

aligned with your company's strategic objectives? 

2. Can you please tell me about a time in your personal work experience when projects were 

misaligned with your company's strategic objectives? 

3. Please outline your company's strategic objectives. 

4. Does your company have a process for aligning projects with strategic objectives? If so, 

please describe the process. If not, please describe how the company aligns the project 

with strategy. 

5. Please describe your immediate thoughts regarding project managers' competencies in the 

practice of aligning projects with strategic objectives. 

6. Can you please share your perspective on best practices for aligning projects with a 

company's strategic business objectives? 

7. What are your thoughts regarding project managers' awareness of the company's strategic 

objectives for aligning projects? 

8. What other comments, opinions, or experience regarding strategic project alignment 

competencies would you like to share? 

 

The interviews were audio recorded and transcribed using Zoom business subscription features. 

The collected data responses were imported into an Excel spreadsheet, analyzed, synthesized, 

and reported. Tables, charts, and graphs depicted the analyzed data on project managers' and 

senior executives' perceptions of strategic project alignment practices for attaining a company's 

strategic objective.  

 

Instrumentation and Data Collection  

 

Participant privacy and confidentiality were protected through a secure Zoom password-

protected login for conducting interview recordings. All forms of the participants' identification 

were removed and substituted with a unique alphanumeric identifier. After the interview, the 

transcript was compared to the audio recording to check the accuracy of the transcription. An 

encrypted email with a copy of the transcript was provided to each participant for their review 

and verification of accuracy. Participants were asked to return any corrections to the researcher 

within seven days. Private and secure data collection was a crucial element of this study.  

 

Data Analysis Protocol 

The thematic analysis explored forward-looking solutions with corporate strategic intent for 

project alignment and explained the results (Renu & Miah, 2021; Watkins, 2017). Dedoose 

(2023), a web-based fee application, was used for data analysis. Braun and Clarke's (2006) 6-

phase thematic analysis: understanding the data, developing codes, looking for themes, 



 

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evaluating themes, defining and identifying themes, and producing the report, was used to reduce 

data and find themes (Braun & Clarke, 2006, pp. 16-23).  

 

Thematic analysis is a conventional technique for analyzing qualitative data (Castleberry & 

Nolen, 2018; Humble & Mozelius, 2022). The analysis started with constructing deductive codes 

employing main concepts from the applied framework as the foundation for the codes. Deductive 

coding constructs codes (i.e., words/phrases) before analyzing interview transcripts (Castleberry 

& Nolen, 2018). Each interview transcript coding was completed according to the established 

deductive codes. Afterward, an additional transcript review occurred, assigning inductive codes 

to key frequently used words or phrases that did not fit a deductive code category. Inductive 

coding is a process of allocating codes while reviewing interview transcripts (Castleberry & 

Nolen, 2018). 

 

After manually coding all transcripts, spreadsheets of the coded data and the frequency of codes, 

the code assignments to individual participants, and total deductive and inductive code categories 

were developed. Tables were constructed for the codes' frequency, individual participants' codes, 

and overall code classifications. The construction of the critical themes from the code categories 

and initial codes was used to align the outcomes with the project question. 

 

Validity,  Reliability, Ethical Considerations 

 

A qualitative project's trustworthiness depends upon the degree of reliance on the data, data 

analysis procedures, findings, and results (Johnson et al., 2020). A purposive sampling strategy 

intensifies the robustness and fidelity of data collection. Dependability is the data's level of trust, 

reliability, and permanency (Johnson et al., 2020). An audit trail detailing the procedures for 

recruiting participants, collecting, analyzing, synthesizing data, and presenting the findings was 

preserved to confirm dependability. Credibility denotes the confidence that the results are 

factual, exact, and accurate (Johnson et al., 2020). The findings are presented from the 

participant's point of view, allowing them to review their transcripts for accuracy. Keeping a 

project log of all activities is the suggested method for ensuring credibility. 

 

Transferability is the degree of utility of the findings to a reader (Johnson et al., 2020). 

Collecting reliable data and presenting credible, verifiable results through careful documentation 

of steps taken to complete a project are suggested methods for improving the likelihood of 

transferability. The results of this study indicated that alignment process models, alignment 

competencies, knowledge sharing, and project managers' awareness are themes that increase 

project managers' ability to align projects with strategy. These findings may apply to contexts 

outside of the FinTech project management environment. Additional studies from that external 

context may be needed to confirm transferability. 

 

This study adhered to The Belmont Report's three fundamental ethical principles:  respect for 

persons, beneficence, and justice (National Commission for the Protection of Human Subjects of 

Biomedical and Behavioral Research, 1979). To maintain these principles, mitigating risks to 

participants happens through preserving confidentiality and without coercing participants. 



 

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Capella University IRB approval was attained prior to beginning the study, and no participants 

were coerced or provided incentives for participating in the study. All identifying information on 

the participants or where they worked was deidentified, all data collected was encrypted and 

securely stored for a minimum of seven years, and then all print copy data and stored electronic 

files will be destroyed by physical destruction (shredding, deletion, or grind to powder). 

 

Data Analysis 

 

Primary and secondary data sources were used to construct this study. Semi-structured 

interviews were used to collect the preliminary data, and peer-reviewed articles, practitioner 

articles, industry reports, and online sources on project alignment per corporate strategic planned 

objectives were the secondary data sources. An interview guide containing eight open-ended 

questions was used to ensure all participants were asked the same questions. Follow-up probing 

questions were asked if the participants needed clarification on the interview questions.  

 

At the beginning of the interview, the participants were asked to answer several professional-

experience-related questions to confirm their eligibility per inclusion criteria. These questions 

were non-identifying and for classification purposes only. After that, the participants were asked 

the predetermined interview questions. Participants had the option to decline to answer any 

question or opt out of the interview at any time. None of the participants opted out or declined to 

answer any of the questions.  

 

Coding 

 

The participants included four project managers with an average of 13 years of experience. Four 

senior executives had an average of 13.75 years of experience. Five out of the eight participants 

work in the enterprise resource planning (ERP) sector in the merger and acquisition (M&A) of 

the FinTech industry. Three participants were project managers, and two senior executives 

worked in ERP of FinTech. The remaining three participants were a venture capital (V.C.), a 

budget analyst, and an intelligent automation officer (IAO). 

 

The first step in developing codes was to breakdown data into smaller units. The codes were 

generated from previous literature and the eight semi-structured interviews. The coding was 

organized using the software program Dedoose. The coding application was made by tagging 

and naming excerpts in each data item. A set of initial codes was established, representing 

similarities of concepts and ideas from the participants. Outliers were identified, representing 

departures from such concepts and ideas, and were combined with the codes into groupings to 

distinguish codes and join similarities. 

 

The codes were then sorted and collated, and the related data excerpts were grouped into 

potential themes. Two levels of code review were used to refine the themes. The first level of 

review was re-reading excerpts to ascertain coherent patterns formed from the coded data 

excerpts. The second level of code review was re-reading to determine if the themes matched the 

overall data sets. Key excerpts in the data sets were identified to define themes and subthemes. 



 

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The excerpts were then used to present a compelling, coherent discussion of the narrative derived 

from the data.  

 

Table 1 depicts the code book structure with the code definitions, participant count, and the 

number of occurrences in which the code was employed. 

 

Table 1  

Code Book 
Code Definition Participant 

count 

Number of 

occurrences 

Aligned failure Projects intended to meet the organization's strategic 

objectives, but the deliverables did not accomplish 

goals. 

8 22 

Awareness not required Cognizance of the organization's strategic intent was 

unnecessary. 

2 11 

Awareness of strategic objectives Cognizant of the organization's strategic intent. 8 44 

Communications Sharing and receiving information and messages on 

the organization's strategic objectives. 

8 80 

Company's process for aligning 

projects 

Participant description of the company's process for 

aligning projects with strategic objectives. 

8 105 

Content Information regarding strategy/information on project 

status. 

6 30 

Continuing testing toward 

deliverables 

An alignment process verifies accuracy until reached 

stakeholders desired deliverable. 

2 5 

Data collection Gathering and measuring information for project 

selection/project status. 

3 4 

Decision-making Making use of the content for selecting actions to 

implement. 

6 10 

Deliverable focus Activities driven to manifest a product or service 

created or performed to achieve a desired project. 

7 24 

Design defect The deliverables had shortcomings, imperfections, or 

lack that affected obtaining strategic objectives. 

3 3 

Developing alignment process Company in the process of scaling the alignment 

process. 

3 9 

Forgetting or losing sight of 

strategic objectives 

Strategic objectives were communicated but were 

disregarded or not remembered. 

3 5 



 

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Great quotes Insightful statements of participants. 7 14 

Lack of an aligning process The participant is without a project alignment process. 3 3 

Lack of strategy The participants stated that their organization needed a 

strategy. 

2 4 

Method of communication Town hall, email, intranet, internet, print media, and 

webinars. 

4 12 

Milestone monitoring for 

alignment 

Projects are monitored at various stages to guide the 

alignment process. 

3 7 

Misaligned failures Projects failed because they did not address an 

organization's strategic objective. 

3 13 

Negotiation Project manager's competency aimed at reaching a 

project agreement. 

3 4 

Ongoing At the time of conducting the project, the 

participant(s) described a project that was in progress.  

4 5 

Outlined company strategic 

objectives 

The participant providing a general description and 

features of their organization's objectives. 

8 27 

Perceptions regarding strategic 

project alignment competencies 

Participants' point of view on strategic project 

alignment competencies. 

8 49 

PM competencies PM competencies comprise financial project literacy, 

risk management, soft skills, stakeholder management, 

team management, and leadership. 

8 8 

Practical (realistic) objectives Objectives that can be viewed as feasible or effective 

in actual circumstances. 

5 7 

Project discontinued Projects that were stopped because of misaligned with 

strategic objectives or unavailable resources. 

4 116 

Project management methodology The practices, methods, processes, and approaches 

project practitioners use to lead and manage projects. 

8 96 

Project managers' awareness The project manager is cognizant of strategic 

objectives status, team, and stakeholder dynamics, and 

situations within the project. 

8 90 

Projects aligned Activities that result in deliverables agreeing or 

cooperating with the organization's strategic 

objectives. 

8 35 



 

14 

 

Projects misaligned Projects that are out of the scope of the organization's 

strategic objectives. 

8 30 

Scope creep A project's requirements go beyond the original plans. 5 5 

Sender – receiver The directional flow of content (lateral, top to bottom, 

and bottom to top). 

6 29 

Senior executives' 

input/involvement 

Senior executives who are engaged or in support of a 

project. 

5 14 

Soft skill – communication An interpersonal competency used to share content. 6 11 

Stakeholders' input/involvement One interested in supporting a project. 4 6 

Strategic objective change Organizations plan and implement shifts to achieve a 

different strategic objective. 

2 3 

Strategic objectives not 

communicated 

Organization's strategic objectives are not 

communicated/not clearly stated. 

3 4 

Unavailable resources Lack of capacity (human, capital, time, etc.) to 

produce project deliverables. 

5 8 

Unawareness of strategic 

objectives 

Not cognizant of the organization's strategic intent. 6 29 

Note. Table 1 lists each code and its definitions, the participant count for each code, and the number of code 

occurrences applied among the data.  

Theme Identification and Analysis 

After determining the codes, definitions, outliers, participant counts, and the number of code 

occurrences, the codes were analyzed and combined to construct categories. Seven categories 

were the results of the pairing of the 39 codes. Some codes were paired in multiple categories. 

The identified categories were alignment methods, awareness of strategic objectives, causes for 

misalignment, communications, project management competencies, the importance of project 

alignment with strategy, and strategic alignment challenges. 

 

After formulating categories from the codes, additional analysis was needed to determine which 

categories presented themes demonstrating participants' perspectives regarding best practices for 

aligning projects with a company's strategic business objectives. All interview excerpts were 

compiled and assessed from each category. The overlapping excerpts from each category were 

associated with the other categories. Further analysis was conducted on the more grounded cases 

of clear-cut relations and determined themes that gave intriguing and coherent points of view 

from participants. After creating and defining categories, the categories were analyzed and 

combined to construct four themes. Some categories are present in more than one theme. 

 



 

15 

 

Table 2 illustrates the development between codes into categories and then into Theme 1: 

alignment process models are methodologies of tools, techniques, and approaches that can be 

considered most effective for strategic project alignment.  

 

Table 2 

Codes to Categories to Theme 1 – Alignment Process Models 
Codes Categories Theme 1 

Communications  

Project management methodology 

Project management Competencies  

Soft skills-communications 

 

Competencies Alignment process models 

are methodologies of tools, 

techniques, and approaches. 

Project management methodology 

Project management Competencies  

Awareness of strategic objectives  

 

Alignment methods 

Unawareness of strategic objectives  

Unavailable resources 

Scope creep 

Strategic objectives change  

Forgetting or losing sight of strategic objectives  

 

Causes for 

misalignment 

Practical (realistic) objectives 

Unavailable resources  

Strategic objective change  

Strategic alignment 

challenges 

Note. Table 2 represents the development of codes to categories into Theme 1 – Alignment process model. Some 

codes overlap categories. 

Table 3 presents the development between codes into categories and then into Theme 2: 

knowledge sharing is used for communicating organizational information regarding strategic 

objectives. Table 4 is the development between codes into categories, and Theme 3: alignment 

competencies are the skills used to align the project with the organization's strategic objectives.  

 

Table 3 

Codes to Categories to Theme 2 – Knowledge Sharing 
Codes Categories Theme 2 

Senior Executives input/involvement 

Stakeholders' input/involvement 

Communication 

Content 

Project Manager's Awareness 

Awareness of strategic 

objectives 

Knowledge sharing is used for 

communicating organizational 

information regarding strategic 

objectives. 

Practical (realistic) objectives  

Unavailable resources  

Strategic Objective change 
 

Strategic alignment challenges  

Communication 

Content 

Sender-Receiver 

Importance of project 

alignment with strategy 

 



 

16 

 

Decision-making 

Project Manager's Awareness 

Project Management Competencies 

Soft Skill – Communications 

Awareness of Strategic objectives  

Communications 

Communications 

Note. Table 3 represents the development of codes to categories into Theme 2 – Knowledge sharing. Some codes 

may overlap categories. 

Table 4 

Codes to Categories to Theme 3 – Alignment Competencies 
Codes Categories Theme 3 

Project management methodology 

Project management competencies  

Communications 

Awareness of strategic objectives 

Alignment methods Alignment competencies are the 

skills used to align project with the 

organization's strategic objectives. 

Communications 

Project management methodology 

Project management competencies 

Soft skills-communications 

Project management competencies 

Project management competencies 

Soft Skill – communications 

Awareness of Strategic objectives 

 

Communications 

Senior executives' input/involvement 

Stakeholders' input/involvement 

Communication 

Content 

Project manager's Awareness 

Awareness of strategic objectives 

Note. Table 4 represents the development of codes to categories into Theme 3 – Alignment competencies. Some 

codes may overlap categories. 

 

Table 5 shows the development between codes into categories and then into Theme 4: project 

manager's awareness is the project manager's consciousness of an organization's strategic 

objectives and the attentiveness to those objectives. 

 

Table 5 

Codes to Categories to Theme 4 – Project Manager's Awareness 
Codes Categories Theme 4 

Communication 

Content 

Sender-Receiver 

Decision-making 

PM Awareness 

Importance of project alignment 

with strategy 

Project manager's 

awareness is the project 

manager's consciousness of 

an organization's strategic 

objectives and the 

attentiveness to those 

objectives. Project Management Competencies 

Soft Skill – Communications 

Communication 



 

17 

 

Awareness of Strategic objectives 

Senior Executives input/involvement 

Stakeholders' input/involvement 

Content 

Project manager's awareness 

Awareness of strategic objectives 

Practical (realistic) objectives  

Unavailable resources  

Strategic objective change 

Strategic alignment challenges 

Unawareness of strategic objectives 

Unavailable resources 

Scope creep 

Strategic objectives change 

Forgetting or losing sight of strategic objectives 

Causes for misalignment  

Note. Table 5 represents the development of codes to categories into Theme 4 – Project manager's awareness. Some 

codes may overlap categories. 

Table 6 reports the codes, categories, themes, number of participants, and number of code co-

occurrences. Table 6 also provides information about how the code was employed across all 

participants' excerpts. Code co-occurrences are the frequencies for which all code pairings were 

employed to an excerpt and overlapping excerpts 

 

Table 6  

Theme Structure 
Themes Definition Number of 

participants 

Number 

of codes 

Number of co-

occurrences 

Number of 

categories 

Methodologies Project management tools, techniques, 

and approaches that can be considered 

most effective for strategic project 

alignment. 

8 10 397 4 

Knowledge sharing Knowledge sharing use for 

communicating organizational 

information regarding strategic 

objectives. 

8 10 436 5 

Competencies Skills used by project managers to 

align projects with the organization's 

strategic objectives. 

8 8 395 4 

Awareness Project manager' consciousness of an 

organization's strategic objectives and 

the attentiveness to those objectives. 

8 13 339 5 

Note. Table 6 summarizes the number of codes, categories, themes, number of participants, and number of code co-

occurrences. 

Theme 1  



 

18 

 

The first theme identified was alignment process models, methodologies, tools, techniques, and 

approaches that can be considered most effective for strategic project alignment. Participants 

strongly supported project management methods as key components for effective strategic 

project alignment. Table 7 shows Theme 1 and supporting participant sample excerpts. 

 

Table 7 

Theme 1 – Alignment Process Models  
Theme 1 Participant sample excerpts 

Alignment process 

models are 

methodologies 

tools, techniques, 

and approaches that 

can be considered 

most effective for 

strategic project 

alignment. 

P4: Technology skills, you got to be able to use the different technologies tools for project 

management to keep track of it. For instance, some companies may use Jira, some companies 

may use Octane, some companies may use HP ALM. There are different things out there, but 

whatever it is that you're using, I would suggest that the project manager comes extremely 

familiar with that tool to be able to make sure that the details are being tracked, be 

maintained, and monitored to keep the project on point." 

 

P7: "so the project manager does not all the time have to necessarily know how to code. For 

example, ERP implementation. I would not expect my PM to know how to code, to do the 

actual coding, however, if that PM knows the project methodology and framework to keep 

that project running, to identify risk and issues and to involve all of the stakeholders and the 

update status, and they understand the budgeting side, then you have a very good project 

management that's a generalist along all those areas." 

 

P1: "And when you're doing role setting at the start of the project, if you're clear as to what 

those strategic objectives are, then you're aligning the resources that you need and assigning 

the roles and responsibilities based on those strategic objectives. Because then it says, to meet 

this, I need to have A, B, C, and D, and I need to have these resources from A, B, C, and D, 

and here are their responsibilities because this drive achievement of that strategic objective. 

And that everything extends out from what those strategic objectives are, as opposed to it was 

something that was created off on the side and then you build everything out accordingly." 

 

Note. Table 7 lists Theme 1 and examples of participants' excerpts that support Theme 1. 

The data collected suggests that project management methodologies are essential for aligning 

projects with a company's strategic objectives. These methods were considered effective for 

strategic project alignment. Project managers' perceptions are consistent with senior executives' 

perceptions that using project management methodologies is suitable for aligning projects with 

strategic objectives. 

 

Theme 2  

The second theme identified was knowledge sharing used for communicating the organization's 

information regarding strategic objectives. Table 8 shows Theme 2 and supporting participant 

sample excerpts. 

 

Table 8 

Theme 2 - Communications using methods to share the organization's information regarding 

strategic objectives. 
Theme 2 Participant sample excerpts 



 

19 

 

Knowledge 

sharing used for 

communicating 

organizational 

information 

regarding strategic 

objectives. 

P2: talking to my users to make sure that we understand what we need. 

P7: It happens more than you would think, however, that is the reasons a lot of projects fail 

because you have got to align the KPIs with all of the stakeholders, not just the business that's 

going to benefit from it, but also from the office of the COO chief operating office, from the 

office of the CFO, the chief financial officer, as well as high level dotted line up to the CEO. 

I'd say this to say, most of the SAP implementations, are large, they range from the hundreds of 

millions up to as much as, you know, a few billion dollars. So, you have got to have alignment 

as well as ongoing, ongoing conversations and updates and status reports with all stakeholders. 

P5: Say for instance if there's slack that we've built in, senior executives like myself need to 

know when we've used it all up and when we believe that we're going to be off track in terms 

of cost, off track in terms of implementation timeline. 

 

Note. Table 8 lists Theme 2 and examples of participants' excerpts that support Theme 2. 

Each of the participants supported communication as a factor for aligning projects with the 

company's strategic objectives. P3 explained that "we have a meeting every year toward the 

beginning of the year to communicate what is the company strategy." It was further stated by P3 

that "one of the steps in doing a project for the company I work for is you have to come up with 

a communication plan." P3 makes it clear that when communicating strategic alignment 

activities, "you got to know how to say things to different groups of people. And some, you're 

going to have to say things differently to one group than other groups."  

 

The data collected suggests that sharing information is vital for aligning projects with a 

company's strategic objectives. The data further suggest that communication involves content 

(why, who, when, and what) to be shared for aligning projects with strategic objectives. Project 

managers and senior executives' data agree that communication is necessary for aligning projects 

with strategic objectives. 

 

Theme 3  

The third theme identified was alignment competencies used by project a manager to align 

projects with the organization's strategic objectives. Table 9 shows Theme 3 and supporting 

participant sample excerpts. 

 

Table 9  

Theme 3 – Alignment competencies  
Theme 3 Participant sample excerpts 

Alignment 

competencies the 

skills used by 

project managers 

to align projects 

with the 

organization's 

strategic 

objectives. 

P5: The senior executives that I've been involved with view the project managers as an 

important part of implementing the strategy. And they expect project managers core 

competencies to be in that skill set of being able to track the progress, push the progress 

along and communicate where things are with respect to progress. 

P3: I guess the one other piece that is a competency or that a project manager should have 

been, he has... He should have some basic financial knowledge so that you can present your 

numbers to your stakeholders in a way that makes sense and that supports the project. That's 

another thing, another competency that the project managers must have. 



 

20 

 

P6: As a project manager, being able to digest and understand the organization's business 

strategy along with those strategic objectives, I think it's pivotal in that project manager role. 

And then after that, being able to translate that understanding of the organization's business 

strategy and goals and being able to use that information to properly define the objectives 

for the project that you're working on clearly and being able to get agreement or buy-in from 

the stakeholders once you define those objectives. 

Note. Table 9 lists Theme 3 and examples of participants' excerpts that support Theme 3. 

The data collected suggests that project managers should possess project management 

methodology competencies. The data also suggest that project managers use non-technical 

competencies to align projects with strategic objectives. The participants identified multiple 

competencies used for aligning projects with the organization's strategic objectives. 

 

Theme 4 

 

The fourth theme identified was the project manager's awareness is the state of consciousness or 

mindfulness of the organization's strategic objectives. Table 10 shows Theme 4 and supporting 

participant sample excerpts. The participants supported the project manager's awareness of the 

organization's strategic objectives as an essential part of aligning projects with the organization's 

strategic objectives.  

 

Table 10 

Theme 4 – Project manager's awareness of the organization's strategic objectives. 
Theme 4 Participant sample excerpts 

Project manager's 

awareness: the project 

manager's 

consciousness or 

mindfulness of an 

organization's strategic 

objectives and the 

attentiveness to those 

objectives. 

P3: "From the company strategy you get your business unit strategy, and then from the 

business unit strategy... So, for your business, you have individual production units for 

that particular business, right? So, each individual business production unit would have a 

strategy based on the business strategy. And then from the individual production unit 

strategy, that's where you get your individual, the boots on the ground, their personal 

goals. Their personal goals align with the strategy." 

 

P6: "So from my perspective, when we step in, it's up to us to say, hey, well, this is how 

we can help you achieve those strategic goals. And then it's up to that person to say, hey, 

well, we agree, this aligns with our line of business and what we're trying to accomplish 

in order to meet those organizational goals as well." 

 

P1: "I think it is important to have the whom and have that flow going down, but it is 

really from a day-to-day operational standpoint, it is PMO and the project team, and 

again, understanding what your project team needs and being supportive of that." 

 

P7: "They had the wrong people managing the projects and they were not necessarily 

using a specific project management methodology. And also, they were not involving the 

correct people, meaning the key stakeholders and the executive management team to 

make certain that everyone was updated on the progress and the risk involving the 

project." 

Note. Table 10 lists Theme 4 and examples of participants' excerpts that support Theme 4. 



 

21 

 

The data collected suggests that a project manager's awareness is imperative for aligning projects 

with a company's strategic objectives. The data suggests that a project manager's awareness of 

why an objective is crucial for strategy is the common thread of communication, competencies, 

and methodologies for aligning projects with strategic objectives. The project manager's and 

senior executives' data agree with each other that the project manager's mindfulness/awareness is 

a requisite for aligning projects with strategic objectives. 

 

Results 

 

The data collected on the perspectives from U.S. FinTech project managers and senior 

executives regarding best practices on aligning projects with a company's strategic business 

objectives indicated there were many perceptions on strategic project alignment. For instance, 

the awareness of an organization's strategic objectives and the project manager involved in 

formulating strategic objectives, challenge FinTech enterprises in attaining strategic objectives. 

P8 stated that "a lot of the times project managers are not part of that strategic meeting," 

signaling that for the projects are already decided on, the scope is determined before assigning it 

to a project manager. P5 reported, "I've never seen a situation in a strategic planning cycle where 

we brought in project managers for any of their input because we're relying on the senior 

executive team to know the capabilities." P3 indicated that when project managers are not 

involved with identifying strategic objectives, "At the very beginning of the project, the infancy 

of the project, there's a meeting between senior management and the project manager." P3 

further explained: 

It is one of the most important parts because a lot of times, as a project manager, you 

don't know the ins and outs of the facility that you're working on. You got to rely on the 

people, the internal stakeholders to give you information. You might... If you don't, get 

their information, you might start chasing down the wrong thing. So, you need their input 

to right the ship. Also, sometimes there might be a misunderstanding between senior 

management and what the boots on the ground see, and you need that communication to 

make sure that you are aligned properly and you're working on the right thing. 

In addition, P3 explained the need for competency for knowledge sharing: 

You have to know how to communicate what you're working on, why you're working on 

it, the risk involved with what you're working on. You have to know who your 

stakeholders are. So that's another important competency for project manager. 

While such variables challenge accomplishing the company's strategic objectives, project 

managers and senior executives can incorporate strategic awareness with project management 

methodology, competencies, and knowledge sharing to align projects with strategy. P7 suggested 

how project managers' input enriches constructing strategic objectives and enhances aligning 

projects with the strategic objective and stated:  

A lot of times senior management only sees data from a bird's eye view, and they don't 

know all the intricacies that go into that data. And that's where you got to get the input 



 

22 

 

from the internal stakeholders, because they know what's going on in the field that you 

are working in. So, the project manager is kind of a conduit between those two groups. 

P2 presented insight on sharing strategic objectives, stating,  

It would be nice if the project manager has a good understanding of why it is required. 

Probably makes it easy to understand why things are being done. I mean, there's a big 

difference between your list of tasks and why. 

 

P1 described a challenge of mindfulness and awareness distraction from the strategic 

objectives as, "Here was the strategic objective or objectives and then as you get into the project 

that gets lost and it just becomes a matter of meeting a deadline, then you're forgetting why 

you're doing it." P5 provided an interesting perspective on what information (content) is being 

communicated for governing the decision and actions of aligning projects with strategic 

objectives: 

When you're trying to understand either a root cause of something or the direction of 

something. So, you basically go through this exercise of saying, why are you doing it, 

you get an answer, and he'll say okay well why are you doing that, and it exhausts your 

explanations. So, that you're fairly comfortable that in the end, you might come up with 

well, your answers for the whys, they don't make sense for what we're doing, we've asked 

it five times, and each time with the next' why, it goes further an' further away' from your 

strategic objectives. So, on the other hand, with a project that is aligned, you can ask why 

10 times, and it's always going to be connected. 

The data garnered from primary and secondary sources were the absence of project managers' 

involvement in constructing strategic objectives, and the insufficient awareness of the company's 

strategic objectives. These sources indicated the greater utilization of project methodologies and 

competencies to formulate objectives to increase the precision of strategic alignment. The project 

manager's awareness and knowledge sharing of strategic objectives mitigate project failure and 

misalignment. 

 

Contribution to Theory, the Literature, and the Practitioner Knowledge Base 

 

The purpose of this project was to explore the perceptions of project managers and senior 

executives in the U.S. FinTech industry to identify best practices for strategic project alignment 

to reduce project failure and capital losses. Based on the inductive analysis, the results identified 

four themes. The four themes included project management methodologies, competencies, 

knowledge sharing, and awareness. The remaining pieces of this segment depict the findings and 

contributions to theory, the literature, and the practitioner knowledge base. 

 

Contribution to Theory 

 

The premise of this project was that project failure and success are subjective when defining if 

the realized benefits from a project met the company's strategic intent (PMI, 2021). The project 



 

23 

 

attempted to explain the phenomenon of the benefits and success when project managers are 

aware of the corporate strategic plan for their projects. Several components of the applied 

framework perceptions were supported through qualitative inquiry interviews and the literature 

reviewed. As a result of this project, primary and secondary data collection identified a gap 

between strategic project alignment and strategic objectives. This gap can be shortened by the 

project manager's awareness of why a project is essential to the company's strategic intention. 

 

Theme 1 shows that the alignment process model contributes to strategic project alignment 

theory. Orlandi et al. (2020) revealed that most organizations do not use project management 

techniques for aligning projects with organizational strategy. Baptestone and Rabechini (2018) 

and Theme 1 suggest the same as Brito and Medeiros (2021), indicating project management 

assists an organization in accomplishing strategy. P6 described project methodology as 

understanding "…organizational needs and being able to translate that and compartmentalize and 

break that down into smaller components or work sets to achieve the overall objective or 

whatever the project." The methodology theme extends the theory of employing project 

management methods for strategic project alignment with a company's objective. 

 

Theme 2 reveals knowledge sharing adds to the theory of aligning projects with an organization's 

strategic objectives. P1 explained that "project management, even as you learn during your 

certification, is 90% communication. And that is a very true statement because communication, 

how you communicate, what you communicate, and when you communicate is very important." 

Jiao et al. (2020) theorized that there is a link between knowledge sharing and project success. 

Theme 2 data supports sharing strategic content (why, who, when, what, and how) is needed for 

aligning projects with strategic objectives. The knowledge-sharing theme expands the theory of 

aligning projects with strategic objectives. 

 

Theme 3 shows alignment competencies, which also include technical as well as non-technical 

competencies needed to align projects with strategic objectives. Baptestone and Rabechini 

(2018) explained that technical competencies are to include constructing project charters, the 

scope of work, and identifying performance indices. Shnaiter et al. (2019) posited that there is a 

strong correlation between project managers' non-technical skills and the project's strategic 

alignment. P1 explained, "There is a new buzzword, E.Q. emotional quotient, out there that I 

think is critical for project managers because there needs to be that awareness of how people 

operate, how they interact, how teams are put together." The participant's perspectives and 

previous theories on technical and non-technical competencies are consistent with each other 

concerning competencies for aligning projects with strategic objectives. Theme 3, alignment 

competencies, enlarges the theory on strategic project alignment. 

 

Theme 4 reveals project manager's awareness of the company's strategic objectives is important 

for aligning projects with strategy. Cooper (2019) found that project failure occurs because 

employees are unaware of or do not understand the corporate vision and cannot explain how 

their job relates to it. P3 described the benefits of project managers' awareness:  

I personally think it helps when you have project managers who have some idea of the 

product or the end game that they're trying to deliver that gives them the context of the 



 

24 

 

objective and the strategy. And I think it makes it easier for them to work between the 

technology people and the systems people. 

Contribution to Literature 

Strategic project alignment is about aligning a project with established value-based objectives, 

resulting in satisfied customers (Fister-Gale, 2007). Robertson et al. (2018) claimed that 

misalignment between business strategy and projects impedes attaining strategic objectives. 

Collis and Rukstad (2008) revealed that businesses that do not have clear strategic declarations 

will more than likely fail to execute organizational strategic objectives. Therefore, the framework 

for strategic project alignment of four themes is in a continuation of prior strategic alignment 

literature.  

 

Theme 1, the alignment process model, aligns and supports extant literature regarding how 

project management methodologies can assist with strategic project alignment. Hass and 

Lindbergh (2010) revealed that many projects faced difficulties with scheduling, budgeting, and 

meeting the scope of projects. Yamami et al. (2018) explored algorithms as a project 

management method to align projects with an organization's strategic intent. P2 explained, 

"Now, if you're trying to get technology and implement the technology, you're going to need 

project management or some type of methodology to make sure you maximize what you're doing 

and have the money you're spending." Theme 1 contributes to the literature by adding to the 

findings that suggest using alignment process models can enhance strategic project alignment. 

 

Theme 2, knowledge sharing, supports and furthers the literature regarding how knowledge 

sharing can assist with strategic project alignment. P6 describes the importance of knowledge 

sharing: 

So, I think a lot of the resistance we get is a lot of people think you may be taking over 

their job, or a lot of people are just not open to change in general I think so. Just proving 

and being able to show how specifically we're addressing some of those organizational 

strategic goals is helpful, especially from a controlling owner or a control manager's 

perspective, because once they see that, they get on board because, ultimately, everybody 

wants to be aligned with the overall company's goals. 

Theme 2 contributes to the literature by concurring with previous findings that show knowledge 

sharing of organizational information regarding strategic objectives can prove to be effective in 

strategic project alignment. 

 

Theme 3, alignment competencies, support, and further to the literature regarding how project 

managers' competencies can assist with strategic project alignment. Hass and Lindbergh (2010) 

put forth that project manager competencies will expand to include such skills as leadership, 

engagement, self-control, and assertiveness in delivering complex strategic projects. P4's 

explanation supplements the literature: 

Yeah so I think that's vital that they be confident project managers, that they understand 

project management techniques and how each component of the project plan, the project 



 

25 

 

tools that they're using, the project structure in terms of organizational structure and the 

daily or weekly meetings, all these things how they actually keep the project moving 

forward and the people who are on that project up to date as to how to keep the project 

moving forward. Because if you don't do that then the project gets out of line from a 

timing perspective gets out of line from having the proper resources perspective, it gets 

out of line and meeting the objectives Because now the people are scrambling to just get 

something done and a lot of times, they don't get exactly done what was needed to be 

done. They're just trying to meet a deadline or a timeline because they were behind and 

so they cut corners and just doesn't happen right, it's bad. 

Technical and non-technical competencies used by project managers to align projects with the 

organization's strategic objectives are necessary for effective strategic alignment. Theme 3 

contributes to the literature through findings that suggest alignment competencies (technical and 

non-technical) impact strategic project alignment. 

 

Theme 4, project manager's awareness, extends previous literature by demonstrating how 

awareness can assist with strategic project alignment. Awareness is the consciousness and 

attentiveness of an organization's strategic objectives. Welch et al. (2019) claimed that capital is 

lost or wasted because project managers' fail to align projects with the organization's strategic 

objectives. Pulse of the Profession (2017) reported that project managers' misalignment practices 

waste 9.7% of capital. Prior literature validates P5 explanation on unawareness: 

So, when you ask the why a couple of times, people say, 'Well, why are you doing this?' 

And it's not connecting to our strategic objective first of market penetration and sales 

growth. So, you got this thing that you're driving that's not connecting with market 

penetration and sales growth. You're doing it because you think the technology is good, 

but the marketplace does not think the technology is good. 

Project Application and Recommendations 

The qualitative inquiry interview results provide insightful perceptions on aligning projects with 

strategic objectives to business communities. According to both participants' perspectives and 

prior literature, aligning projects with strategic objectives is essential for the company to attain 

the intended benefits. According to Shenhar and Holzmann (2017), a company requires one to 

comprehend the strategic vision's value and coordinate the initiatives with the network of 

sponsors and stakeholders.  

 

The results reinforce the importance of such factors for FinTech companies, as many participants 

reported the value of aligning projects with strategy. Thus, project findings offer a best practice 

for aligning projects with strategic objectives. Alignment process models, knowledge sharing, 

alignment competencies, and project manager's awareness make up the framework that can help 

a company's senior executives and project managers decrease the gaps between aligning projects 

with strategic objectives. 

 

Project Application 



 

26 

 

 

There are gaps between aligning projects with the company's strategic objectives. An effective 

best practice was identified as a useful potential method for lessening the gap in aligning the 

project with the company's strategic intentions. The themes identified are beneficial in reducing 

the gaps between aligning projects with strategic objectives. A highly effective strategic project 

alignment framework may decrease the risk of misaligning projects with strategic objectives. 

 

The results indicated that alignment process models, alignment competencies, knowledge 

sharing, and the project manager's awareness are essential for aligning projects with strategic 

objectives. Organizing, crafting project charters, defining the scope of work, and identifying 

KPIs of strategic objectives can be connected with alignment process models. Communicating 

the reasons for implementing strategic objectives may be associated with knowledge sharing. 

Technical competencies and non-technical competencies can be associated with alignment 

competencies. The project manager's comprehension of the reasons "why" for implementing a 

project, is linked to the strategic objectives. These elements are foundational components of the 

framework for strategic project alignment. Thus, applying these results may be useful for an 

organization's senior executives and project managers who seek to improve efforts by aligning 

projects with strategic objectives. 

 

Project Recommendations 

 

The results of this study may be useful for senior executives and project managers in improving 

their efforts in selecting, assessing, and calibrating current projects for accurate strategic 

alignment. The results could also be used by start-up organizations when constructing their initial 

strategic plan. The framework for strategic project alignment may assist in identifying strategic 

objectives. This project focused on the senior executives and project managers' perspectives on 

best practices for aligning projects with the company's strategic objectives. 

 

In addition, the results may be able to support future research for aligning projects with strategic 

objectives. Due to the small sample size of eight participants, Delphi and quantitative research 

are needed to substantiate the results. These study results and recommendations could be 

beneficial throughout the academic and business communities and project management 

practitioner networks. Examples of potential publication channels include the PM Network, 

Project Management Journal, PM World Journal, and Science Direct: International Journal of 

Project Management. 

Conclusion 

The purpose of this qualitative inquiry study was to explore the perspectives of project managers 

and senior executives in the U.S. FinTech industry regarding best practices on how to align 

projects with a company's strategic business objectives. The goal was to detect strategic project 

alignment best practices that may lessen the opportunity for FinTech project failure and capital 

losses. The concepts of the framework for strategic project alignment are needed to improve the 

practice of aligning projects with strategic objectives and minimize the risk of wasting resources 

because of project misalignment. 



 

27 

 

 

The four themes identified from the semi-structured interviews include methodologies, 

knowledge sharing, competencies, and awareness. The four themes identified are essential to 

comprehending the perspectives obtained from the participants regarding practices that can 

improve aligning projects with a company's strategic business objectives. The results can 

potentially assist an organization's senior executives and project managers in minimizing the risk 

of project misalignment while effectively aligning projects with strategic objectives. The 

findings might encourage additional research, even affirming the outcomes of this project.  

 

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