Experimental $alpha$-decay half-life, spin, and parity of 398 nuclei in the range 50$leq$Z$leq$118 are utilized to propose a new formula (QF) with only 4 coefficients as well as to modify the Tagepera-Nurmia formula with just 3 coefficients (MTNF) by employing nonlinear regressions. These formulas, based on reduced mass ($mu$) and angular momentum taken away by the $alpha$-particle, are ascertained very effective for both favoured and unfavoured $alpha$-decay in addition to their excellent match with all (Z, N) combinations of experimental $alpha$-decay half-lives. After comparing with similar other empirical formulas of $alpha$-decay half-life, QF and MTNF formulas are purported with accuracy, minimum uncertainty and deviation, dependency on least number of fitted coefficients together with less sensitivity to the uncertainties of $Q$-values. The QF formula is applied to predict $alpha$-decay half-lives for 724 favoured and 635 unfavoured transitions having experimentally known $Q$-values. Moreover, these available $Q$-values are also employed to test various theoretical approaches viz. RMF, FRDM, WS4, RCHB, etc. along with machine learning method XGBoost for determining theoretical $Q$-values, incisively. Thereafter, using $Q$-values from the most precise theoretical treatment mentioned above along with the proposed formulas, probable $alpha$-decay chains for Z$=$120 isotopes are identified.
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