What do we mean by "the decision was finely balanced"?

Question

To me it can mean either that the decision could have gone one way or the other or that it was very carefully considered "weighing up" all possibilities and outcomes.

Answer 1

If a decision was finely balanced, it was difficult to decide (generally between two things). Two or more arguments were convincing, and thus the correct decision wasn't immediately clear.

Because such a decision requires parsing the pros and cons of different arguments, it's probably more carefully considered than most. Whether or not this makes it a fair decision, I think, is debatable.

Answer 2

Not to me. A finely balanced decision is one in which the arguments for and against it were of almost equal merit. A decision in which all aspects were carefully considered is a fair decision.