When using sketch mode to define a plunge point, clearance point, etc., the system will create an actual point to create associativity between the point and the operation. For example,
Click NC > Lathe > Turn > to create a turning operation. Upon exiting the operation dialog, click Sketch then select the retract point and the clearance point.
Click Edit > Transform > Move and move the created plunge point to another feasible location.
Open the Operations Manager, right-click the operation and click Regenerate with Original Geometry.
Click the Continue Regeneration button. Change any settings and click OK to exit the operation dialog. The operation automatically adopts the new plunge point location.