Hello Vinit,
Also refer below few SAP help portals which will help you to understand the monitoring and MTE , auto reaction method concept
you can use RZ21 and RZ20 to configure this
https://help.sap.com/saphelp_nw04/helpdata/en/27/300e3cba1b7e06e10000000a114084/content.htm
https://help.sap.com/saphelp_nw70/helpdata/en/5c/e20f41dd57f623e10000000a155106/content.htm
http://help.sap.com/saphelp_nw04/helpdata/en/c5/88f2a16eaec04c99c564dd8c4c7209/content.htm
Regards,
Nitin Salunkhe