Virtual lab recently released, while its focuses on SP 2010 you could easily leverage the same approach to monitor Project Server 2010 as well. Monitor your farms!

https://cmg.vlabcenter.com/default.aspx?moduleid=c4997f2a-30ad-4ce4-8d01-292654af4f36

The objective of this lab is to provide a basic introduction to using Service Level Monitoring to monitor services provided by SharePoint Server 2010. By the end of this lab you will be better able to create a Service Level Object, generate a Report of SharePoint Services Availability, and configure a Service Level Dashboard.