Scrabble Dictionary

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Yes, evaluate is playable

...and is worth 14 points.

Found in the following dictionaries

Enable (Words with friends)
SOWPODS (Collins Scrabble Words)
OTCWL2014 (NASPA Word List 2014)
TWL06 (NASPA List 2006)

"Evaluate" Definition

verb-transitive

Mathematics To calculate the numerical value of; express numerically.
To ascertain or fix the value or worth of.
To examine and judge carefully; appraise. See Synonyms at estimate.

verb

To determine or fix the value of.
To determine the significance, worth, or condition of usually by careful appraisal and study.