If $f ' (x) =(x-1)^2 (x+2)$ is given and we're asked to find the 3 things in the title:
for critical points we put $f ' (x)=0$ and the values of x we get are critical points
for increasing/decreasing functions we will divide intervals according to critical point and take a test point to see sign of x and thus conclude if it's increasing or decreasing
for local extremums we can use second derivative test?
Are these three approaches correct or am i doing anything wrong?
Yes, you are right!
The first derivative test uses the derivatives of a function to locate the critical points of a function. To calculate the critical points we need to solve the equation $f^{'}(x)=0$. The computed values of the parameter $x$ will be critical.
The second-derivative test uses the value of the second derivative at those points to determine whether such points are a local maximum or a local minimum. If the function f is twice-differentiable at a critical point x (i.e. a point where $f^{'}(x)=0$), then:
If $f^{''}(x)<0$, then f has a local maximum at x.
If $f^{''}(x)>0$, then f has a local minimum at x.
If $f^{''}(x)=0$, the test is inconclusive.
Good luck!