Example of SNMP settings:

An example of SNMP settings for HPSIM

The HPSIM Server and managed clients should have the same SNMP configuration

The public and private community names should be changed to something unique, they are well known and can be used to access snmp on your server.
community names are also case sensitive.  ReadOnly is different from readonly

An Example is shown here:

Example HPSIM Server:
HPSIM Server Nodename: hpsim
HPSIM Server FQDN: hpsim.domain.com

Example Managed Client:

Security Tab-->

Send authentication trap: On

Accepted Community Names:
Community   		Rights
public      		READ ONLY
private     		READ WRITE

Accepted Hosts: Accept any SNMP packets from any host

Traps Tab-->

Community Name	Trap Destinations
public			hpsim.domain.com

*In the case of the hpsim server you could replace it's FQDN in the trap destination with 127.0.0.1 to avoid the time it takes for name resolution.