These are my findings/troubleshooting while I was configuring CBMA in dual stack SAP PI 7.31 server.
Little bit about Alerts in PI:
Alert configuration is used to configuring alerts in your PI system. It informs you if any error comes during message processing.
You use the alert configuration to have the system inform you of errors during message processing. You can receive the alert by e-mail, fax or SMS.
There are two ways to configure alert in PI.
1. Classic using ALRTCATDEF
This is classical approach of configuring e-mail alerts in SAP PI. Using this method you can configure alert category and container element which defines what should be passed in email when alert is triggered.
2. CBMA
Component-Based Message Alerting (CBMA) is the new way of sending alerts on SAP PI (either single or double stack) without the use of any additional components. CBMA is made of three components:
a) Central configuration for creating alerts - alerts can be created in Integration Directory or in NWA
b) Alert Engine - which is supposed to evaluate rules and create alerts.
c) Alert receivers (consumers) - components which can receive alerts from the Alert Engine
This article is about Component-Based Message Alerting. It will demonstrate how to create a typical alert configuration with an e-mail consumer. When the alert gets generated, an e-mail with alert data will be distributed to the alert receivers.
Types of errors where you can apply Alerts:
Usually it should apply on every type of scenario, but to be specific,
There were various Proxy to SOAP synchronous scenario communicate via PI in one of my projects. These scenarios generates two kinds of error in PI.
- Application error
- System error
In case of Application error from receiver soap application, we can use fault message type and fault mapping in PI to send the error back to proxy to handle it as exception.
In case of System errors from receiver soap application, there is no standard way to send the error back to proxy.
As part of my requirement to handle these system errors, we needed to trigger an alert Email to developer team, every time we encounter any system error in PI from receiver application.
How to configure:
As this point, we all are aware of, that PI comes with 2 types of installation (single and dual) now. Single stack will have only JAVA instance of PI application server (AS) while dual will have both java AS and ABAP AS instances. There are plenty of docs and blog post to explore this.
I will always prefer CBMA on AS JAVA as it's simple, straightforward and lightweight. And may be in 2 or 3 years, you won't find any PI ABAP stack to work with. 
CBMA on AS JAVA can be configured following this link,
Michal's PI tips: Component-Based Message Alerting
CBMA on AS ABAP can be configured following this link,
Component Based Message Alerting On As Abap
After following above steps on AS ABAP, my email was not triggering. As I found out , few steps were missing, which I am covering here.
List of all steps:
Integration Engine Configuration
Alert Rule Creation
Manage Alert Rule
Email Distribution List
Email Generation Variant
Alert Collector Job
Email Sender Job
Monitoring Configured Alert
Testing Alerts
Email sender job:
This job will be responsible for pushing all configured and collected alert emails to consumer’s email inbox.
Go to t-code SCOT.
Create a Send Job. Choose Schedule job for INT for emails.
Press continue.
Following will be the ABAP program, corresponding to this job.
Configure start condition for this job, as per your requirement.
Monitoring Configured Alert:
Not a mandatory step, but could be useful in monitoring.
We can monitor the job which we have configured in SM37.
Test Result:
Whenever any message is failed for the mentioned interfaces in alert rule, an e-mail will be triggered to the registered Distribution List. Below is a sample alert email.
Sample E-mail:
Hopefully, this blog will give you a basic idea of alerts and all necessary configuration steps to follow.
Reference:
Component-Based Message Alerting - Administering Process Integration (PI) - SAP Library
Alert Configuration - Process Integration Monitoring - SAP Library