Yes, PREPARATIONS is a Scrabble word!

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

Is it a valid word?

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

the activity of putting or setting in order in advance of some act or purpose
a substance prepared according to a formula
the cognitive process of thinking about what you will do in the event of something happening
the state of having been made ready or prepared for use or action (especially military action)
(music) a note that produces a dissonant chord is first heard in a consonant chord
activity leading to skilled behavior
preparatory school work done outside school (especially at home)
the act of preparing something (as food) by the application of heat