When valuing share option plans, like those at Tucan, several factors must be taken into consideration. One crucial aspect to consider during the valuation process is assessing the sensitivity of the value to changes in key assumptions. This involves analyzing how the calculated value of the share options is affected by alterations in parameters such as the expected life of the option, volatility, risk-free interest rates, and dividend yields. Understanding the sensitivity of the valuation to these variables helps ensure a more accurate assessment of the share option's fair value.

On the other hand, determining the valuation outputs, while important, is a result of the valuation process rather than a factor to be considered during the valuation. Obtaining approval of management is also not a technical consideration in the valuation exercise itself; it may be a subsequent step in the process, but it's not part of the actual valuation.

Therefore, the most relevant item to consider when valuing share option plans is: Assessing the sensitivity of the value to changes in key assumptions.