Yes, OPERATING is a Scrabble word!

Letter values in Scrabble US: O 1, P 3, E 1, R 1, A 1, T 1, I 1, N 1, G 2.

Is it a valid word?

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

direct or control; projects, businesses, etc.
perform as expected when applied
handle and cause to function
perform a movement in military or naval tactics in order to secure an advantage in attack or defense
happen
keep engaged
perform surgery on

Also: operate on, in operation.

Not playable in Scrabble US: MANOEUVER.