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VMware Fusion is the most popular tool to emulate operational systems. It's the easiest in use.
For emulating a system, you will need an ISO file of a specific system (the list of available systems in VMware Fusion can be checked in "Create custom VM" panel.
These systems are supported by VMware Fusion:
Mac OS X 10.5 Server
Mac OS X 10.6 Server
Mac OS X 10.7
OS X 10.8
OS X 10.9
OS X 10.10
OS X 10.11
macOS 10.12
macOS 10.13
macOS 10.14
macOS 10.15
macOS 11
macOS 12 (Coming soon)
1) Open VMware Fusion and hold Shift+Command+L - you will see Virtual Machines Library
4) If you have already added the file earlier to that area, this file will be listed here. Choose the neccesary file, click "Continue".
2) Click on drop down button "+", on the appeared submenu, choose an option like "New..."
5) If the ISO was created from official installer, then VMware detects automatically the system inside of ISO.
3) After that, you will see following. If you you haven't added the ISO/DMG to VMware, drag it to "Install from Disk Image"
6) Choose the destination.
First Developer Preview of OS X 10.10 Yosemite