For many sports, there are official records kept for the best performances by the sport's governing body. As an example, the world record for 100m dash is ratified by World Athletics. When they exist, they will be indicated with OR for olympic record and WR for world record.
There are some cases where no such records are kept. The question refers to the decathlon. While there are official records for best decathlon score, there are not official records for the individual events within as a decathlon participant.
Another example are the rowing events. Because individual races are strongly influenced by the weather, official record times are not recognized by FISA.
When these official records don't exist, the best times that meet some criteria may be displayed with OB (olympic best) or WB (world best). The olympic website has some other initialisms in use (like ODB for olympic decathlon best and OHB for olympic heptathlon best), but I've not seen those used on broadcast graphics myself.