I've never had to do this. But I did stay at a holiday inn....
The basic idea is that you have a current limiting fuse in a circuit, and want to calculate the available fault current downstream of that fuse. You start with the available fault current, and using a graph specific to the fuse trace a path which calculates the fault current effect downstream of the fuse.
This technique is not acceptable for determining the reduced fault current presented to things such as circuit breakers which exhibit 'dynamic impedance'. This 'dynamic impedance' is the changing resistance as the breaker is trying to open. I don't know enough to understand the details, but the downstream device trying to open can 'see' more of the fault current stress then the up-over-down method might suggest. This is why series rating testing is required when using combinations of OCPD to handle fault current greater than the capabilities of the downstream device.
Components which do not exhibit dynamic impedance such as bus bars and cabling also have maximum fault current limits. During a fault the magnetic forces on a bus bar could rip it from its mounts, for example. The up over down method is considered acceptable for determining the fault current (and fault current stresses) that would be imposed on these static components.
-Jon