1. A computer implemented method for managing lessons learned in a closed loop process, the computer implemented method comprising: receiving a lesson learned associated with a project through a client application, wherein the lesson learned comprises information describing a task associated with a project; identifying, using a processor unit, a rating value for the lesson learned received from the client application, wherein the rating value is determined by combining a plurality of criteria in a predefined level matrix, wherein the predefined level matrix contains the rating value for each combination of the plurality of criteria; generating a workflow notification process to address the lesson learned, wherein the workflow notification process is executed by a notification manager; and monitoring the lesson learned for a duration of the project, wherein the plurality of criteria comprise a complexity to implement the lesson learned criteria and a positive impact of implementing the lesson learned criteria, wherein the each of the plurality of criteria is further comprised of one or more levels, and wherein each of the one or more levels corresponds to the rating value.