Felicity is a highly motivated pharmaceutical representative. She has earned a company-paid trip for the last two years and has enjoyed every bit of those vacations. Because she values those trips so much, she has made it a personal goal to earn another trip this year. Which component of the expectancy theory is likely motivating Felicity the most

Expectancy theory of motivation is a theory that proposes that an individual will behave or act in a certain way because they are motivated to select a specific behavior over others due to what they expect the result of that selected behavior will be. They will select the behavior that will get them the best result.

This theory has 3 components:

Expectancy: The belief that an effort will result in attainment of desired goals.
Instrumentality: The belief that a person will receive a desired outcome if the performance expectation is met.
Valence: The value individuals place on outcomes based on their goals, values and sources of motivation.

In this example Felicity is a pharmaceutical representative. She has earned a company-paid trip for the last two years and has enjoyed them a lot. She values those trips so she now has the goal to earn another one of those trips this year.

We can see that Felicity VALUES the trips (which are the outcomes of her effort).

Since she places a lot of value on this outcome, the component that is most likely motivating her is Valence.