All The devices are in the Known State ,

What i want from the DFM is how do I configure a Syslog type functionality where in any device going UP/Down or some critical alarms etc get displayed in the  Alerts and Activities.

I am not able to make much sense of the alerts that are being shown currently. It shows as Unresponsive , Reachability etc .

DFM does not do this.  Unlike most fault management applications, DFM does not rely much on traps from devices to build its events.  Instead, it does periodic polling.  If you want to look at syslog messages, you will need to use RME's syslog reports and/or RME's syslog automated action feature.

That said, DFM will show a device which becomes unreachable.  You will see an Unresponsive alert in the DFM AAD.  The device typically needs to be down for four minutes, though before DFM will notice it.