When I try to create alerts, it gives me the below error:
How can I get the privilege to create the alert?
Are you the Splunk admin? If not, have you contacted your Splunk Admin? You may need to be a Power user to do this.
If you are the Admin, you need to check your user account roles.
http://docs.splunk.com/Documentation/Splunk/7.0.1/Admin/Aboutusersandroles