Hi syssafety,
It does not appear from your message if there is about a 3P (three-phase) or 1P (one-phase) system, and AC or DC system. This has impact on the number of conductors of the supply (feeding) cable, resp. 3 or 4 conductors for 3P systems (3 conductors for the 3 phases and 1 conductor for ground/safety neutral if provided) and 2 or 3 conductors for 1P systems (2 phases + 1 ground if provided) and on selection of cable (for DC systems the voltage drop is pretty big and consequently the cable size must be increased).
Please be more specific regarding the term "duty cycle". I suppose that there is about the operation of the application, e.g. 1 hour on with 30 min. off, repeating again 1 hour on with 30 min. off etc.. In this case the size of feeding cable can be smaller than the cable required for a continous duty/operation.
You must know that there is a correspondance between the carried current (550 amps in your case) and the size of the cable (by size meaning the cross-sectional area of conductors in square mm in European style, resp. in AWG or 1/1000 cmils in US style). Please let me know what style you prefer. As your current of 550 amps is pretty big, it may result you may need to install 2 or 3 cables in parallel. Furthermore, you must know that there are defined several operations (duty cycles) for applications, most utilized being S1-continous operation, S2-30 min and S2-60 min operation.
The selecting of feeding cable is made based on a selection table wich indicates the maximum current that a cable of a certain size can support for the respective duty cycle. You can find these tables by searching on internet on national regulatory bodies database. I can indicate you the cable size for your application using the tables used in shipbuilding industry (American Beaureau of Shipbuilding and Germanischer Lloyd), but I need more info, resp. duty cycle, voltage, AC or DC system, 3P or 1P system, power factor (if AC system), rated electrical power of application. You can read these data on the name tag of application/equipment.
Regarding the rms value: this means "root-mean-square" value and, following my experience, is only used in short-circuit currents theory - indicates the DC equivalent current of a AC current wich develop in 1 second into a resistor of 1 ohm the same energy developed by the AC current in an electrical network in the entire period. I have never considered this value when I have selected a cable.
As a last note: about rms value and more you can read on
and clicking on the respective link.
Hope I have been usefuly to you.