Technically the IC contains a built in oscillator and 14 stages of ripple-carry binary counter. Due to the built in oscillator the IC require very few external components, this built in oscillator can be operated as desired by using few resistors and a capacitor.

In this circuit the CD4060 IC is used to flash 10 LEDs. Each LED will flash in different frequency, which will give very beautiful random effects. The flashing speed can be adjusted with the 500K variable resistor. Increasing or decreasing the value of the 500nF capacitor will also change the flashing rate. The operating voltage of the circuit is 9V to 12V DC.

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4060 is a versatile chip and can be used for variety of oscillation, flashing, timing and clock pulses applications but these are only limited tasks we have discussed and you can use it in many other applications. So it depends what work you want to take with this versatile chip.
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