Alpha measures excess return. Anything with alpha over 1.0 is considered favorable.
Beta measures volatility and market risk. Anything with beta below 1.0 is considered favorable.
These cannot be the only metrics you make your trades or investments on, but they are extremely helpful when comparing funds or stocks. Chasing high alpha will usually result in higher beta. Chasing low beta will usually result in lower alpha, meaning muted returns but a more stable, safe investment.
wish you all the best.