Final answer:
The identified challenge that is NOT a part of managing in a global environment is 'building a strong bureaucratic structure', as it is seen more as a hindrance rather than a challenge to overcome.
Step-by-step explanation:
The challenge that is NOT identified in the text as one of the challenges for managing in a global environment is D. building a strong bureaucratic structure. The listed options such as building competitive advantage, maintaining ethical standards, managing a diverse workforce, and utilizing new kinds of information systems and technology are indeed challenges faced in the global business environment.
However, building a strong bureaucratic structure is generally not recognized as a challenge for global management; instead, bureaucracy is often seen as a hindrance to flexibility and speed in global operations.