Correct Answer: LANJSVQ

Solution : Given:
PERFORM, ODQGPSN, NCPHQTO, MBOIRUP, ?

Subtract 1 from the first three letters and add 1 to the last four letters of the previous term to obtain the missing term.
PERFORM→P – 1 = O; E – 1 = D; R – 1 = Q; F + 1 = G; O + 1 = P; R + 1 = S; M + 1 = N
ODQGPSN→O – 1 = N; D – 1 = C; Q – 1 = P; G + 1 = H; P + 1 = Q; S + 1 = T; N + 1 = O
NCPHQTO→N – 1 = M; C – 1 = B; P – 1 = O; H + 1 = I; Q + 1 = R; T + 1 = U; O + 1 = P
MBOIRUP→M – 1 = L; B – 1 = A; O – 1 = N; I + 1 = J; R + 1 = S; U + 1 = V; P + 1 = Q

So, LANJSVQ is the missing term in the given series. Hence, the second option is correct.