There are also rather misguided efforts to figure out parallelism settings based on plan costs. The main problem with that being that if you currently have a lot of parallel queries, all that means is that the estimated cost of the serial plan was higher than your current Cost Threshold For Parallelism setting, and the cost of the parallel plan was less than the cost of the serial plan.
If you increase Cost Threshold For Parallelism, you may very well still end up with a parallel plan, because the serial version was still more expensive. If you eventually change Cost Threshold For Parallelism to the point where some queries are no longer eligible for parallelism, you may eventually find yourself unhappy with the performance of the serial version of the query plan.
Read on for Erik’s take on query cost, which is a good one.