my first big project - BMS - is it possible?

Using Arduino Motors, Mechanics, Power and CNC
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I looked at the datasheet of the 4514 decoder chip http://media.digikey.com/pdf/Data%20Sheets/Fairchild%20PDFs/CD4514BC_4515BC.pdf
but it's too technical for me.
is this chip to replace the MAX chip, or what?
can you explain a little?