Yes, PRODUCTION is a Scrabble word!

Letter values in Scrabble US: P 3, R 1, O 1, D 2, U 1, C 3, T 1, I 1, O 1, N 1.

Is it a valid word?

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

the act or process of producing something
a presentation for the stage or screen or radio or television
an artifact that has been created by someone or some process
(law) the act of exhibiting in a court of law
the quantity of something (as a commodity) that is created (usually within a given period of time)
a display that is exaggerated or unduly complicated
(economics) manufacturing or mining or growing something (usually in large quantities) for sale
the creation of value or wealth by producing goods and services