Step 1: Understanding the Concept:
Fisheries stock assessment modeling: Virtual Population Analysis (VPA Cohort Analysis) reconstructs the historical exploited stock cohort size backwards from commercial catch-at-age statistics.
Key Formula or Approach:
\[ N_t = N_{t+1} e^M + C_t e^{M/2} \quad [\text{Reconstruction of Exploited Cohort Numbers}] \]
Step 2: Detailed Explanation:
In fisheries stock assessment (Fry 1949, Gulland 1965):
- Virtual Population (VPA Cohort Analysis): Refers to the calculated historical size and demographic structure of the Exploited Fish Population that must have been present in the sea to account for the observed commercial catch-at-age time series data.
- By back-calculating using catch data ($C_t$) and natural mortality ($M$), it reconstructs fishing mortality ($F$) and historical cohort biomass of the harvested fishery stock.
Step 3: Final Answer:
Thus, virtual population of fish denotes the Exploited population, matching option (D).