If a function y= f(x) defined on (a,b) is increasing in a particular interval say(a,c) . it remains stationery at x=c and decreases strictly in (c,b) . this shows that the function will have a max value at x=c and this value is called as a local maximum.
now for a function to have a local maximum at a particular point the conditions are i) the first derivative should be equal to 0
ii) the second derivative should be < 0
similarly for a function to have a local minimum the conditions are:
i) the first derivative should be = 0
ii) the second derivative should be >0