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Expectancy Theory
Expectancy theory provides an understanding of the motivation to engage in work-related tasks or to make decisions about one's own behavior concerning choices in organizational environments. According to this theory, personal motivation is influenced by the expectation that a certain level of effort will lead to a specific level of performance and the outcomes associated with it. Thus, the more a person expects to obtain the desired outcomes by means of a determined behavior, the stronger will be his or her motivational force—the higher the level of importance given to the results, the stronger the motivational force.
Conceptual Overview
Expectancy theory is based on cognitive theories of motivation proposed by W. Edwards, K. Lewin, and others. Victor H. Vroom's expectancy model is the best known and most utilized for explaining human behavior in industrial and organizational psychology. Expansions and modifications from Lyman Porter and Edward Lawler in 1965 and from John Campbell and Robert Pritchard in 1976 generated a large field for research related to the prediction of work performance and occupational choice.
Vroom developed the expectancy-valence theory of work motivation, but other authors explain this theory as a function of three specific variables: valence (V), expectancy (E), and instrumentality (I). This model strives to predict choices between jobs, tasks, and levels of effort necessary to produce the highest benefits for each individual concerned. In this vision, that which motivates a person to make a decision (motivational force—MF) is the product of the degree to which a person desires a reward (valence), the person's estimate of the probability that his or her effort will result in a successful performance (expectancy), and the person's belief that his or her performance is the way to reach the reward (instrumentality). These relationships were presented in a mathematical equation:

Valence
Valence is the force of one's preference for a certain type of reward or result. It expresses the strength of one's desire to attain a personal goal that could be a raise in salary, a promotion, a recognition, a better quality job, and so forth. The valence of a reward is unique for each individual, being conditioned to his or her experiences, and could vary substantially over a period of time. Once anterior necessities are satisfied, newer ones always emerge to take their place.
Valences may be expressed by either positive or negative values, according to whether a person pursues positive or negative preferences for a specific outcome. Within a job situation, one could expect that a salary raise would be evaluated as a positive valence while a reprimand from a supervisor would provide a negative valence. However, if a person is indifferent to a given reward, the valence can be considered as zero. When an individual fulfills a task, the individual gives himor herself a reward from the simple fact that the task was finished. This is called an intrinsic reward or outcome. On the other hand, rewards that are provided by organizations or supervisors are called extrinsic rewards or outcomes.
Valence has its focus on the relationship between personal goals and rewards. This means it is related to the degree to which rewards come to satisfy personal objectives or individual necessities and the attractiveness of these potential rewards for each person.
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