A recently released Microsoft Virtual lab “Monitoring SharePoint 2010,” while its focuses on SharePoint 2010 you could easily leverage the same approach to monitor Project Server 2010 as well. Monitor your farms!
“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.”
More Info: TechNet Virtual Lab