A method for balancing a rotor of a rotary machine, wherein the rotor includes at least two rotor blades and a rotor shaft, includes receiving at least one measurement of either a load, an acceleration, or a displacement that pertains to at least one bending moment acting on the rotor shaft, determining at least one value of the at least one bending moment acting on the rotor shaft based, at least in part, on the received at least one measurement, and determining a pitch offset angle value of at least one rotor blade that facilitates reducing the at least one bending moment acting on the rotor shaft.