Hi @SwethaM1 ,
firstly, the analytics version/contract you are having impacts what type of alerts you can set.
If you do not have Adobe Analytics Select or Foundation, you will only have very basic alert functionality which time frame you can still set to fire on a daily or weekly basis.
If you have Prime or Ultimate, you will have more fine granular alerting tools liks Anomaly Detection.
https://experienceleague.adobe.com/en/docs/analytics/analyze/analysis-workspace/anomaly-detection/an...
That being said, in none of the packages you can actively say "compare metric X to this day last week or last month".
BUT Adobe leverages machine learning that involves looking at a week day basis to not fire non-stop alerts on weekends.
This also involves seasonal changes, for instance more sales around Christmas, if the data already contains such indications.
More on intelligent alerts can be found here
Cheers from Switzerland!