Is “Rationalization” a Scrabble word?

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Yes
RATIONALIZATION
Valid in at least one Scrabble dictionary

Valid in these dictionaries

SOWPODS / CSW
Scrabble UK & International
Valid
TWL / NWL
Scrabble North America
Valid
Large English Dictionary
General English word list
Valid

Meaning of Rationalization

noun
  1. 1.The process, or result of rationalizing.

  2. 2.A statement of one's motives, or of the causes of some event.

  3. 3.A reorganization of a company or organization in order to improve its efficiency.

Synonyms: consolidation, rationale, reasoning