Correct option is B
Given: JVD, MTF, PRH, ?, VNL

Logic: 1st letter + 3, 2nd letter - 2 and 3rd letter + 2 place.
For, 1st letter
J + 3 = M, M + 3 = P, P + 3 = S, S + 3 = V
For, 2nd letter
V - 2 = T, T - 2 = R, R - 2 = P, P - 2 = N
For, 3rd letter
D + 2 = F, F + 2 = H, H + 2 = J, J + 2 = L
So, the missing term is SPJ.
Thus, correct option is (b).