What is the status of the drive?
In Disk Management, there's the top panel and the bottom panel. The top has a grid and the bottom has the disks with some boxes. Above, I see things like this:
Windows ( C: ) Simple Basic NTFS Healthy (Boot, Crash Dump, Primary Partition) 232.79GB (and some values about disk usage)
Storage ( D: ) Simple Basic NTFS Healthy (Primary Partition) 4889.8GB
System Reserved Simple Basic NTFS Healthy (System, Active, Primary Partition)
What does your disk say? How is your disk connected, is it internal via SATA or is it external via USB, or external via something else?
It must say Healthy (Primary Partition) with only "Primary Partition" inside parentheses. If it says "Active", "System", "Page File", "Boot", or "Crash Dump" in there then you can't delete the volume.
Now, if it does say only "Primary Partition" then you should be able to format it. If it's internally attached, then you should be able to right-click the partition in the bottom panel and select "Delete Volume." From there you'll get unallocated space, right click on that and "Create Volume." You can then choose how much to allocate and what to format it with.
If it says "Page File" and "Primary Partition" but nothing else then you need to go and change your page file setup. Right click "Computer", choose "Properties" then on the left panel select "Advanced system settings". Under "Performance" hit "Settings" and go to the "Advanced" tab then hit the "Change button" under "Virtual memory." If necessary, deselect the "Automatically manage paging file size for all drives" check box and then select the drive you want to format. With that drive active, select the "No paging file" radio button and hit "Set." Ensure that at least one of your other drives has either a "Custom size" or "System managed size" selection so that in the drive selection grid the "Paging File Size (MB)" isn't all "None" values. Now hit OK, OK, OK and reboot. At this point you should be able to delete the volume you wanted as it should show up as having only the "Primary Partition" label in the disk management.
If it's an external drive, some do not let you make changes in this way. I'm not sure exactly why, but my guess is because the drive isn't connected natively and the USB to SATA controller is blocking certain commands.
Also worth trying is to select the partition in disk management and right click it. Select "Change drive letter and path" and remove the drive letter. If it won't let you, then the drive is currently in use and that's why you can't format it. The error box should explain why. Perhaps the change would be saved for the next boot, so make the change and reboot to see if it loads without the drive letter. From there you may be able to partition and format it.
Also, why do you need to do this? Sometimes it's not necessary to format a drive. If you have a 931GB NTFS partition and want to make a new 931GB NTFS partition, all you really need to do is delete everything. Just be sure to show hidden files and you should be able to delete everything. If it can't delete a file, it tells you that it's in use so this would also explain why you can't delete the volumes or reformat the partition. If you want to change the file system but not the size then you also don't need to be in disk management to do that. If you want to put a non-Windows partition on it, you need to do that outside Windows as Windows only knows exFAT, NTFS, and FAT32.