Final answer:
Expectancy theory is the process theory of motivation among the given options, where it explains individual motivation as based on expectations of effort leading to performance and rewards.
Step-by-step explanation:
The concept of motivation is a topic covered under the field of Business, specifically within organizational behavior and human resource management. When looking at theories of motivation, it is essential to distinguish between content theories and process theories. Content theories focus on identifying what motivates individuals, while process theories emphasize how behavior is motivated.
Equity theory, expectancy theory, and ERG theory are among the various theories that have been formulated to explain motivation in the workplace. Expectancy theory, proposed by Victor Vroom, is a process theory of motivation that suggests an individual's motivation is influenced by the expectation that effort will lead to performance and subsequently to desired rewards and outcomes.
Therefore, the correct answer to the question 'Which of the following is a process theory of motivation?' is b. expectancy theory.