I use rpm -Uvh < package.rpm> myself. The U gets rid of old stuff but other than that, it's mostly just personal preference.
This is from ( man rpm )
rpm {-U|--upgrade} [install-options] PACKAGE_FILE ...
This upgrades or installs the package currently installed to a newer
version. This is the same as install, except all other version(s) of
the package are removed after the new package is installed.