Yes, CONSERVATION is a Scrabble word!

Letter values in Scrabble US: C 3, O 1, N 1, S 1, E 1, R 1, V 4, A 1, T 1, I 1, O 1, N 1.

Is it a valid word?

CONSERVATION is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

an occurrence of improvement by virtue of preventing loss or injury or other change
the preservation and careful management of the environment and of natural resources
(physics) the maintenance of a certain quantities unchanged during chemical reactions or physical transformations