Sometimes as a Project Manager you just want to know when something has been done, or perhaps when it hasn't.  Notifications (previously called Watches) serve this purpose and let you automatically communicate these changes to other team members as well.

A Notification can be set up by a modify user on the current project, or an Admin user on any project from a Manager licence.

When the Notification is triggered it sends a notification to the email account of the user who set the Notification and any other project team members they elected to be included.  Users can also produce reports which summarise the Notifications set and how these have been triggered.