Currently we are using event viewer for maintaining the log information.
We want to implement the log information on the file system (using text files). What are the changes are required and how to implement this.
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I think you'll struggle to get Tridion itself to log everything to a file on the CM side, and even more so to the same single file as all logs. Maintaining any event system code and configuration that you write could be a pain and you might one day miss some information because you missed out that particular event in the code (or the info was not attributed to an event).
Why not look at using something like Logstash to consolidate the logs to a single place, e.g. Elasticsearch (or maybe a single file if you wish). You could also then add Kibana to give you a full "ELK" stack so that you can filter and search over them.