Correct option is B
Given: RVNL, OSKI, LPHF, IMEC, ?
Logic: all letter decreased by 3.

First letters: R → O → L → I → ?
Positions in the alphabet:
R(18)→O(15)→L(12)→I(9).
Next letter: I(9)−3= F(6).
Second letters: V → S → P → M → ?
Positions in the alphabet:
V(22)→S(19)→P(16)→M(13).
Next letter: M(13)−3= J(10).
Third letters: N → K → H → E → ?
Positions in the alphabet:
N(14)→K(11)→H(8)→E(5).
Next letter: E(5)−3= B(2).
Fourth letters: L → I → F → C → ?
Positions in the alphabet:
L(12)→I(9)→F(6)→C(3).
Next letter: C(3)−3= Z(26).
The missing term is: FJBZ.
Correct answer is (b).