The following article is an announcement from Google’s Prashant Baheti, AdWords Product Manager:
When we first created custom alerts, we wanted to provide advertisers with a way to be notified when certain behaviours or changes occurred in their AdWords account. Over time, we observed that most advertisers wanted to take action when such triggers occurred within their accounts. Many of these actions can now be done by creating automated rules – a tool within AdWords that enables you to schedule automatic changes to specific parts of your account based on the criteria that you specify. Read more