Solution:
If the alert is Query execution timed out alert then
From the Applications Manager GUI, Go to respective Oracle Monitor's details page -> Monitor Actions -> Edit Monitor -> Increase the seconds mentioned in " Query Execution Timeout" field.
If the alert is Socket read timed out alert then

From the Applications Manager GUI, Go to respective Oracle Monitor's details page -> Monitor Actions -> Edit Monitor -> Increase the seconds mentioned in " Socket Read Timeout" field.
If the query group reported is INSTANCESTATUS or TABLESPACESTATUS and If the alert still continues even after performing the above step then check the below KB and perform the steps in the corresponding Oracle Database with the help of your Oracle DBA.
This issue occurs on INSTANCESTAUS/ TABLESPACESTATUS because the queries against the dictionary table DBA_FREE_SPACE were taking a long time to execute.