A welding system including an arc monitoring, training, and control system is disclosed. The welding system includes a power supply, controller, and associated memory. When a weld is performed, the weld command and weld feedback parameters can be stored in the memory, along with associated alarm limit values. During subsequent welds, the input weld commands and actual feedback values can be compared to the established limits, and a fault signal provided to an operator or supervisor when the value exceeds the established limits. The fault signals can be used for training operators, as well as providing monitoring signals, and can be stored with weld data in a database for later analysis. In addition, collected weld data can be used to determine when to clean, repair, or replace consumables, including, for example, contact tips, wire drive liners, and drive rolls, and to monitor usage of wire and gas.