A method for managing alarms in a control system in a process plant comprising a plurality of equipment, wherein the control system comprises a notification server for generating and notifying a plurality of alarms messages based on a predetermined notification criteria, an operator station communicatively connected to the notification server, and a database comprising historical alarm data, wherein each alarm message corresponds to an alarm and includes a timestamp associated with the generation of the particular alarm message, the method, by the notification server, comprising: a. receiving historical alarm data, wherein the historical alarm data includes data in relation to a plurality of alarm messages of a plurality of alarms; b. defining a set of alarms as one or more candidate alarms and set of alarms as non-candidate alarms from the plurality of alarms in the historical alarm data, wherein each candidate alarm is an alarm that has significant impact on the process operation as compared to non-candidate alarms; c. identifying a plurality of historical data segments of predetermined segment duration from the historical alarm data, wherein each segment from the plurality of historical data segments includes at least one alarm message of one candidate alarm from the one or more candidate alarms and one or more alarm messages of non-candidate alarms and wherein the segment is created around the instance at which the candidate alarm occured; d. determining a plurality of association scores corresponding to the plurality of non-candidate alarms, wherein an association score from the plurality of association score is indicative of an association between a corresponding non-candidate alarm from the historical alarm data, and a corresponding candidate alarm from one or more candidate alarms, wherein the association score is determined based on one or more instances of the corresponding non-candidate alarm in the plurality of segments and the one or more instances of alarm messages of the corresponding candidate alarm in the plurality of segments; and e. modifying the predetermined notification criteria on the basis of the plurality of association scores corresponding to the plurality of non-candidate alarms, wherein modifying the predetermined notification criteria includes one of prioritizing alarm messages of one or more non-candidate alarms associated with one or more candidate alarms, and suppressing alarm messages of one or more non-candidate alarms associated with one or more candidate alarms.. a. receiving historical alarm data, wherein the historical alarm data includes data in relation to a plurality of alarm messages of a plurality of alarms; b. defining a set of alarms as one or more candidate alarms and set of alarms as non-candidate alarms from the plurality of alarms in the historical alarm data, wherein each candidate alarm is an alarm that has significant impact on the process operation as compared to non-candidate alarms; c. identifying a plurality of historical data segments of predetermined segment duration from the historical alarm data, wherein each segment from the plurality of historical data segments includes at least one alarm message of one candidate alarm from the one or more candidate alarms and one or more alarm messages of non-candidate alarms and wherein the segment is created around the instance at which the candidate alarm occured; d. determining a plurality of association scores corresponding to the plurality of non-candidate alarms, wherein an association score from the plurality of association score is indicative of an association between a corresponding non-candidate alarm from the historical alarm data, and a corresponding candidate alarm from one or more candidate alarms, wherein the association score is determined based on one or more instances of the corresponding non-candidate alarm in the plurality of segments and the one or more instances of alarm messages of the corresponding candidate alarm in the plurality of segments; and e. modifying the predetermined notification criteria on the basis of the plurality of association scores corresponding to the plurality of non-candidate alarms, wherein modifying the predetermined notification criteria includes one of prioritizing alarm messages of one or more non-candidate alarms associated with one or more candidate alarms, and suppressing alarm messages of one or more non-candidate alarms associated with one or more candidate alarms..