As per Dell: "Cause: The physical disk is predicted to fail. Many physical disks contain Self Monitoring Analysis and Reporting Technology (SMART). When enabled, SMART monitors the health of the disk based on indications such as the number of write operations that have been performed on the disk.
Action: Replace the physical disk. Even though the disk may not have failed yet, it is strongly recommended that you replace the disk. If this disk is part of a redundant virtual disk, perform the Offline task on the disk; replace the disk; and then assign a hot spare and the rebuild will start automatically. If this disk is a hot spare, then unassign the hot spare; perform the Prepare to Remove task on the disk; replace the disk; and assign the new disk as a hot spare". See the link to "Dell Alert Descriptions and Corrective Actions" for more information.
I received this event on our Dell server which is running our SQL server. It was being generated by the Dell Server Administrator service. In my case, the error dump stated that the Array Disk 0:0 was in a state of "Degraded". The drive or the controller was about to fail. Solution: Call Dell (if under warranty or service agreement) to have the drive assessed and/or replaced.