The Institute of Science & Management (ISM), formerly known as Indian Institute of Science & Management had,  came into being in the year 1985 under the aegis of Dr.Sachchidanand, the then Vice Chancellor of the Ranchi University, with an idea of  catering to the long felt need of management education to the upcoming youth of the  developing region of Chgotanagpur, now Jharkhand.
   
A two-year full time   Management course leading to the award of Post Graduate Diploma in Business Management (PGDBM) started in 1988. ISM holds its formal approval from AICTE since 1994. The Institute since then  had its steady progress and it transcended its original bounds, emerging as one of the best Management Institutes in India occupying the 52nd position as rated by COSMODE, a Hyderabad based accredition organization.

ISM is known for its highly qualified and dedicated faculty members eager to support the students  The faculty at ISM is an ideal mix of academicians and Industry Professionals. Sixteen batches of the students have already passed out from the Institute. Many of them are holding responsible positions in industry and business. A number of them have started their own business enterprises or joined their family businesses.

The Institute, with a vision to impart education to develop the backward region of Chotanagpur area, has setup the campus in Pundag, a rural area, full of landscapes and greenery all around. The infrastructure of Business Management Department is based on a three floor building which consist of classrooms, library, auditorium, conference room, computer lab and a sports room.

The Institute is about 3 km from the main road connector and rightfully connected to bus-stand, railway station and airport. One of the distinctions of the Institute is its library, which is said to be an axle in any educational institution, where all other activities rotate around it. Library is full of resources including books, journals, reports, thesis, magazines of world’s best institutes, various newspapers, CDs, Cassettes, internet connection, etc.