A radiation belt-ring current (RB-RC) forecasting model is presented. This model solves the convection-diffusion equation of plasma distribution in the 10 keV to a few MeV range. There are four major auxiliary components to the RB-RC model: a global magnetic field model, an electric field model, a plasma sheet model (plasma source), and a radial diffusion model. All four components are driven by solar wind and interplanetary magnetic field conditions. In this paper, a brief description of the model and input parameters is given. This model has been used to simulate several geomagnetic storms. In particular, the effects of the inductive electric field on the evolution of the radiation belt electron fluxes are investigated in detail via a case study of the 12 August 2000 storm. It is found that, in general, the inductive electric field arising from the time-varying magnetic field can enhance the flux level around geosynchronous orbit during the recovery phase of the storms. The model is validated through comparing the simulation results with the Los Alamos National Laboratory satellite measurements. Further refinement and improvement of the model is also discussed.