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To better understand the situative nature of expectancy, value, and cost, we measured them 10 times over a 10-week introductory statistics course and examined their variability as a function of situational (within-individual) and student (between-individual) differences. Linear and quadratic trends indicated that expectancies and values decreased while cost increased. Further, there was substantial variability at the situation and student levels for all of these beliefs. Expectancies varied more as a function of the situation, whereas intrinsic value varied more as a function of student differences. Expectancy and value were related to situational variability in performance. Lastly, intrinsic value was more strongly related to situational variability in performance among underrepresented minority students than among racial majority students. Implications are discussed.