Transaction code SM62 is used to create SAP events and as well as for events administration. Events are used to trigger the jobs in SAP and it is used to manage the dependency across multiple jobs without using process chains. An event by itself doesn’t do anything. Normally background job needs to be defined & configured to wait for the event. So, create background job through SM36, specify the new event name as the “Start Condition”. New background job always can be defined as a periodic job. This allows you to trigger the job in the future as opposed to one time only.
Scenario example
• You have job X that needs to be triggered after the completion of job X1. In that case, you can raise an event (E1) at the successful completion of job X1 and use the event (E1) as a start condition for job X.
• If you have multiple jobs, for e.g job X needs to be triggered after the successful completion of job X1, X2 & X3. In order to model this scenario you need to raise individual events after the completion of X1 (E1), X2 (E2) & X3 (E3). Use an event collector to raise another event (E4) when E1, E2 & E3 are raised. Use event E4 as a start condition for job X. You can resemble event collector with AND process type in a process chain.
Source
http://forums.sdn.sap.com/thread.jspa?threadID=377630
Note
You can use transaction code SM64 to trigger the event.
