Yes, preparation is a Scrabble word!

Noun

1. The activity of putting or setting in order in advance of some act or purpose

2. A substance prepared according to a formula

3. The cognitive process of thinking about what you will do in the event of something happening

4. The state of having been made ready or prepared for use or action (especially military action)

5. (music) a note that produces a dissonant chord is first heard in a consonant chord

6. Activity leading to skilled behavior

7. Preparatory school work done outside school (especially at home)

8. The act of preparing something (as food) by the application of heat