When valuing share option plans, like Tucan's, several factors should be taken into account. One crucial aspect to consider is:

Assessing the sensitivity of the value to changes in key assumptions

This step is critical because it helps understand how the value of the share options is impacted by variations in key input parameters, such as the risk-free interest rate, volatility, expected life of the option, and the expected dividend yield. These assumptions significantly affect the calculated fair value of the share options, and their sensitivity analysis is important for a comprehensive valuation.

Determining the valuation outputs and Obtaining approval of management, while relevant to the overall process, are not directly related to the valuation itself but rather to the subsequent reporting and governance of the valuation exercise. Determining the valuation outputs is a result of the valuation process, and obtaining management approval might be a necessary procedural step in a company context, but it is not a factor in the valuation methodology.