In Vroom's Expectancy Theory, what does the term 'expectancy' refer to?

In Vroom's Expectancy Theory, the term 'expectancy' specifically refers to the belief that effort will lead to performance. This component of the theory highlights the individual's perception of the relationship between their efforts and the outcomes in terms of performance. If a person believes that putting in more effort will indeed result in better performance, they are more likely to be motivated to exert that effort.

Expectancy is critical because it addresses the individual's confidence in their abilities and the likelihood that their actions will lead to the desired result. When individuals perceive a high expectancy, they are more inclined to invest their effort into tasks, knowing there is a reasonable chance of achieving the performance level they desire.

The other options relate to different aspects of motivation and behavior but do not capture the essence of what 'expectancy' means in this context. For instance, the level of motivation to succeed and the importance of the performance outcome refer more to the overall motivation process rather than the specific belief about the effort-performance link that 'expectancy' encapsulates. Similarly, satisfaction derived from rewards relates to the outcomes rather than the process of how effort translates into performance.