What options are available to align door's knob and lock to door frame
Easy enough to move the strike plates to algn. You may have to increase the size of the mortise with a wood chisel. Fill the old holes using toothpicks or a small dowel and wood glue. Then reset the strike plates.
It's about as cost effective as you can get.
Another option I've used is to install a hinge spacer on the bottom hinge to raise the door up slightly. You can get them at most home stores. Obviously, you need enough play around the door to accomodate the movement.