You can configure the email notifications and reminders on task updates and status reports as per your preferences. Also you can turn on/off the notification and reminder options for your team.
1) On PWA home page, on left side pane, click on Personal Settings
2)Click on Manage My Alerts and Reminders (This step is for personal notifications)
Click on Manage My Resource's Alerts and Reminders(This step is to set reminders and notifications for your team)
3) You will see the screen with available options to configure. Set the required options and click Save to save the settings.
Note: SharePoint related notifications (Documents, Issues and Risks etc.) are need to be defined on SharePoint site.