The "Monitoring" page lists the sections of your shop to which you must pay the most attention in order to best manage your catalog, and make sure nothing goes out of control.
Seven sections are shown:
List of empty categories. Gives you the categories that do not have any products. You should either delete these empty categories or fill them with at least one product. This prevents customers from finding themselves in an empty category in your shop.
List of products with combinations but without available quantities for sale. Gives you which products are no longer for sale. If you do not see any good reason for them not being for sale, then put them back online
List of products without combinations and without available quantities for sale. Likewise, gives you which products are no longer for sale. Find the reason why, or put them back up.
List of disabled products. Gives you the products that have been disabled in the store and that aren't visible to your customers. Consider either enabling them (maybe after restocking them) or deleting them from your catalog.
List of products without images. Indicates the products for which no images have been uploaded yet. Make sure you upload some nice images for these products so that customers will have a good look at what they are buying!
List of products without description. People (and search engines!) like to read detailed information / witty descriptions / great stories about the products they buy. Descriptions are an essential part of your products sheets, don't neglect them.
List of products without price. Obviously you should pay attention to this section as it can save you some troubles if you realize in time that some products without any price can be added to your customers' carts. Unless you deliberately set these prices at 0, you should closely monitor your prices.
The "Monitoring" page should be checked regularly in order to improve your catalog management.