Right after you remove the cake from the oven, begin the frosting. (Unlike most cakes, you want to pour the frosting on while the cake is still warm.)
Melt Butter + Milk + Cocoa. In a small saucepan, melt butter, milk and cocoa powder together over medium heat, whisking regularly until it's almost simmering/bubbling. (Don't boil it, just heat it till it's about to bubble.)
Mix In Powdered Sugar & Vanilla. Remove the frosting from the heat and stir in powdered sugar and vanilla, whisking until there are not clumps of powdered sugar. There may be a few small air bubbles--this is totally fine, you just don't want powdered sugar lumps. If you want to mix the pecans INTO the frosting, do that now.
Pour Frosting Over Warm Cake. Pour the fudge frosting over the still-warm sheet cake and quickly use an offset spatula to gently spread the frosting evenly over the surface. Be gentle, since the cake is pretty moist! If you want to sprinkle the cake with pecans, do that now.
Cool At Least 20 Minutes. Let the sheet cake cool at least 20 minutes before slicing. I prefer to cool it about an hour to let the frosting set up, but some folks love when the frosting is still a bit soft and gooey.
Slice & Serve! When you're ready, slice the cake into 24-36 slices. (For 24 slices, cut the whole cake into quarters, then cut each quarter into 6 slices. For 36 slices, cut the whole cake into quarters, then cut each quarter into 9 slices.)
Store Leftovers. If you have leftovers, cover the sheet pan with a lid, plastic wrap, or foil, and store at room temperature for 1-2 days, or the refrigerator for 2-3 days (my preference).