1. A method for making real-time predictions about an arc flash event on an electrical system, comprising: updating a virtual system model of the electrical system in response to real-time data, wherein updating the virtual system model comprises identifying differences between the real-time data and predicted data output generated using the virtual system model, and calibrating the virtual system model if the differences exceed the threshold; 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.