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Protecting a folder sometimes is not as essential as preventing other users from running a program. This might be the case when the program you use is sensitive to be opened such an enterprise class program which is also installed on your laptop for your ease. Parental controls too can be enforced using this deception.
All you need to do is to open the security properties of an executable file and ‘deny’ the ‘Read & Execute’ permissions on that file for the users whom you do not want to run the program. Normal users cannot change the permissions unless they are exclusively allowed for it but again, another administrator will be able to revert back the settings if he wishes to.