Maybe it'll help you to spread it out a little and look at it - the center sts on a holder are the neck, the outer edges are the armholes. You BO 4 at the armhole edges, then BO 3 at the same edges. BUT -- you also BO sts at the neck edges 'at the same time', not after you do all the armhole edge BOs.
So BO 4, work to the middle sts, put them on the holder, finish the row with new yarn. Turn and BO 4, work to the neck, drop the yarn and with the other yarn BO 2 at that neck and finish the row. Turn and BO 3, work to the neck, drop the yarn and pick up the other, BO 2 on that side of the neck and finish the row. Do the same again on the next row. Then after that, BO 3 at the beg again, work to the neck, but instead of binding off 1, do a dec on the last 2 sts, go to the other side of the neck and dec there then finish the row. Turn and BO 3 and you don't have to do any more BOs or decs at the neck. If you're going to just BO 1, a dec - ssk or k2tog - is smoother, so I suggested that instead.
sue- knitting heretic