What Microsoft calls “threat modeling” is actually a form of risk analysis. Bruce Schneier’s work on attack trees and attack models is correct in its terminology and its applications. Attack trees are a way to perform attack modeling, which can be done separate from threat modeling. With the help of a pen testing team an organization can develop realistic attack models. This is Ira Winkler’s point when he says most organizations aren’t equipped to deal with threats and instead they should mitigate vulnerabilities that any threat might attack.”]
Source: https://taosecurity.blogspot.com/2007/06/threat-model-vs-attack-model.html