It's that and also to achieve the correct flow through each radiator. When a system is designed, the radiators are sized to compensate for the heat loss through the surfaces and to changes of air. The radiator output is specified for a certain temperature drop across the radiator and this will imply a certain flow rate (dependent on the size of the radiator).
The plumbing is normally also designed to provide enough flow rate to all radiators, but because of different pipe lengths and sizes there will naturally be incorrect flow rates on some radiators.
In modern systems, the radiators are not in a "chain" as such but connected from the boiler flow pipe to the return. If you compare with an electrical circuit, this is a parallel connection not a series one.
If you consider a small radiator quite close to the boiler and a large one much further away, naturally speaking the flow would tend to go through the nearer one because it is the line of least resistance.
Balancing basically entails reducing the flow through these lower resistance radiators so that more water flows through the larger or higher resistance ones. This is an iterative process to some extent because adjusting each radiator, affects the others to a degree.
The methods in the FAQ are how to do it properly with a thermometer, so that you get the correct flows everywhere. It is time consuming, but worth doing.
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