Hey @Gaurav T. 1.) this can be done from the pure path level by selecting the entity of the transaction, in the left hand side, and then navigating over to the "..." where Dynatrace will provide you with more options to see the backtrace, the service flow, hotspots and more.
2.) You can create alerts as needed and the possibilities are endless. From a free level, if you navigate to Settings>Anomaly Detection>Custom Events for Alerting>Create Custom Event for Alerting.
For a more customized and granular level, you can create a Calculated Service Metric (this will use Custom Metric Licenses) To do this, go to Settings>Server-Side Service Monitoring>Calculated Service metrics>Create New Metric.