1. A method for making real-time predictions about an arc flash event on an electrical system, the method comprising: identifying a difference between real-time data acquired from an electrical system and predicted data output generated using a virtual system model of the electrical system; if the difference exceeds a first threshold but not a second threshold, calibrating the virtual system model; if the difference exceeds the second threshold, generating an alarm; choosing a standard to supply equations used in the arc flash event calculations; simulating the arc flash event using the virtual system model in accordance with the chosen standard; calculating a quantity of arc energy released by the arc flash event using results from the simulation; and communicating a report that forecasts an aspect of the arc flash event.