If you switch to the discounted payback period from the payback period, what assumption are your making

Question:

If you switch to the discounted from the what assumption are your making about the timing of the cash flow?
Payback Period
Payback period method is a traditional method/ approach of capital budgeting. It is the simple and widely used quantitative method of Investment evaluation. Payback period is typically used to evaluate projects or investments before undergoing them,...