Powerwash Managed Device

Most managed Chromebook devices do not allow users to powerwash (factory reset) by default. However you can use the method below to force reset your device. Remember to backup all your important data before doing so, as this will erase all your locally stored files.

Steps

Fully power off your device by long pressing the power button.
Press esc+refresh+power buttons to enter recovery mode.
Press ctrl+D then press enter to enable developer mode. (turn off OS verification)
Your device should reboot and there would be a 'OS verification off' warning message. Here, you can leave the developer mode on if it is not blocked by your admin, otherwise you will need to press enter again to turn back on OS verification. (disable developer mode)
All your local data will now be deleted regardless your device policy.