I'm not asking an obvious question here. I would like to elucidate with an example.
A user 'bob' is always executing 'chmod 777 /home/bob/impfiles' so that user 'alice' could make changes to the files in /home/bob/impfiles/ which is a insecure way of sharing files according to the company policies ( I just made this up). Now, as a root user, you disabled 'chmod' for user 'bob'. Smartypants alice tells bob, get the /bin/chmod from the Internet, and save it as /home/bob/bin/attribmod. Bob does it, and he runs "/home/bob/bin/attribmod 777 /home/bob/impfiles" giving access to everyone.
How do you think we can restrict 'bob' from executing chmod with another name?
Thanks!